Why do you think most businesses fail? Why is transparency critical in any business? These and more on our episode today!
Today’s guest is Robert Thomas Bethel – the man behind the turnover of 77 businesses over the past 50 years. He is an expert when it comes to customer acquisition, company turnaround, and onboarding.
Robert is the author of the book, Strengthen Your Business.
Here are the highlights of my conversation with Robert:
Reasons Many Businesses Fail
- Few businesses are prepared to sell
- Sales and marked have to be backed every minute of the day
The Power of Fundamentals and Measuring Them
Create a 90-day plan.
Break it into months and then break it further into weeks. Project your revenue, sales, and expenses. Make estimates of them. Put your monthly sales projection on a white board. Also write things down daily:
Indicate who is going to do what, to whom, when, and for how much.
Why owners hide information from their employees:
- Owners feel like if they knew how bad it was, they’d all quit.
- Owners say if they good enough money, they all want a raise.
When you start making good profit, take some of that each month and put that into a cash reserve.
Reduce debt by making profit and pay.
Giving Raises versus Giving Bonuses
A raise jeopardizes your future. Instead, give bonuses.
Throw as much profit as you can so you have a good bonus. This way, you’re not raising your overhead and not jeopardizing your future.
Teach your people to understand a profit and loss statement.
Strategies for Prospecting:
It takes 100 contacts to equal one prospect. It takes ten prospects to equal a sale.
Depend on yourself for your prospects. Don’t depend on advertising or sit back and wait for someone to walk in or call off of one of your business cards. Go out and work for prospects.
Make it happen.
Anyone can get online and find out who the most successful people are in their industry.
Identify the top 5 people in the industry. Find out the best in the industry.
Call and tell their secretary to ask for advice.
Sit down with people who have already succeeded and who are more than willing to share their advice.
Robert’s Major Takeaway:
Include everyone in your company. As a leader, communicate with the rest of the team of how important their support is to your sales effort. The sales team needs to continually take the lead in making sure the rest of the company is supporting them all the time. It’ necessary for all of us to make a profit.
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