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Are You Killing Your Business (Part Two)?

Weak Profit Margins When we start out in business we have high hopes for making money and getting lots of happy customers. While that can happen and many successful businesses have found the recipe for success, many still struggle with trying to find the right formula. Today I am going to talk about an area …

View full post

Are You Killing Your Business?

Funding Issues Most small businesses start with little money and maybe a prayer. It really does not matter how good your idea is, the chances of finding success with your business are definitely limited if you don’t have proper funding. Before you even get started in your business venture you need to have a clear …

View full post

Know Your Numbers

Your financial numbers offer a true perspective for your business. They show the health of your business and insights into areas that need to be addressed. The snapshot that it offers in knowing the numbers concerning your business is another critical area, that if you do not know what is happening can lead to poor …

View full post

Relentless Focus

It is often difficult for a business to maintains its focus. With all the regular challenges of running a business like employee issues, and other daily distractions, maintaining focus is probably not at the top of your list. As humans we only have so much capacity to handle issues that we must deal with each …

View full post

Building Trust

People buy from people they trust. If they feel any reason not to trust you then they will take their business elsewhere. Think about who you do business with and you will see the importance of trust in your business relationships. Think about how the people you do business with build their trust with you. …

View full post
Are You Killing Your Business (Part Two)?Are You Killing Your Business?Know Your NumbersRelentless FocusBuilding Trust

Mar 13

Are You Killing Your Business (Part Two)?

Categories:

Business Strategies, ROI Strategies

Weak Profit Margins

When we start out in business we have high hopes for making money and getting lots of happy customers. While that can happen and many successful businesses have found the recipe for success, many still struggle with trying to find the right formula. Today I am going to talk about an area that will need some though on your part to really understand the financial workings of your business.

Whether you are selling a product or service you need to have a clear understanding about the costs you have in your business to deliver the goods to your customers. Why is it important to have a detailed breakdown of these costs? Without this information you cannot properly price your product or service. I see businesses base their price on what their competitors are charging for a similar product, and this is without really understanding what costs they incur. Or they set their price on what they think customers will pay, again they do not consider the costs to produce their items. The gross revenue you receive from selling your product or service minus the cost it took to produce them is your profit margin. Once you know this information you can start making better financial decisions.

Without knowing the cost to create your product or service you are completely unable to know what price to sell your product or service. Maybe you could increase the price, or offer it at a lower price to increase the number of sales. Either way without the financial information about the costs to produce your product you have no basis to make these informed decisions. While you can run a business without knowing this information, you do not have any facts or figures to support your decisions about pricing and profit. I would rather have information to make an informed decision, than one based on assumptions.

These financial calculations can range from easy to complex depending on your business operations. If you are not comfortable or experienced in calculating these numbers please find someone who can help you or feel free to contact us at ROI.

I hope you enjoy this blog post, and please share your comments and opinions with us.

Patrick Montgomery, ROI Business Consulting

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Mar 07

Are You Killing Your Business?

Categories:

Business Management

Funding Issues

Most small businesses start with little money and maybe a prayer. It really does not matter how good your idea is, the chances of finding success with your business are definitely limited if you don’t have proper funding. Before you even get started in your business venture you need to have a clear idea about how much funding you will need for that first year of operation. While most small businesses will change their plans multiple times, having at least an outline covering your expenses and any revenue projections (kept conservative) will be helpful to making sure you have enough resources to work that first year.

Once you have created this outline you can then decide if you have enough funding to run for that first year, or if you will need to seek financial help from other sources. I don’t recommend that you take your balances to zero to get your business funded. If you are cutting your finances that close then I strongly recommend you should either seek additional funding or save more money before launching your business.

 

 

Some sources of additional funding include banks, friends, family or even taking money from your 401k plan. All these options will need a clear understanding and forecast of your businesses financial operations. Going to a bank will require the most detailed plans you can create for your business. While friends and family might not be as demanding on these details it will still be helpful to have realistic financial projections. If you have money in a 401k plan from an existing or prior employer this could be a good source of funding. There are limits on money from your 401k, so make sure you have a clear understanding before taking money out of your 401k plan.

While you may have a great new business idea, making sure you have an understanding of your financials will be critical for the health of your business. I have known a number of business owners that do not spend much time looking at their numbers. Either take the time to understand the financial side of your business or hire someone to track this information for you.

In our next post we will look at profit margins and their impact on your new or even existing business. Your comments are always welcome.

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Feb 29

Know Your Numbers

Categories:

ROI Strategies

Your financial numbers offer a true perspective for your business. They show the health of your business and insights into areas that need to be addressed. The snapshot that it offers in knowing the numbers concerning your business is another critical area, that if you do not know what is happening can lead to poor management decisions and lost opportunities.

Knowing your business numbers just makes good business sense, it also allows you to have a pulse on your overall operations and how they are progressing. If you are not comfortable in working with numbers or don’t know where to start, an accountant or your banker would be valuable resources (and yes, we can help too.)

 

While businesses vary by what numbers can be beneficial to track, knowing these seven key metrics are usually a good place to start:

  1. Revenue Growth

  2. Price Change

  3. COGS (Cost of Goods Sold)

  4. Operating Expenses

  5. Days Receivable

  6. Days Payable

  7. Days Inventory/Work in Progress

Knowing where your business stands financially is critical to making management decisions and determining your overall business viability. Once you have a system in place to track your financial numbers, then you can create an action plan to improve any areas that require additional focus. Also, knowing your numbers is a valuable tool in determining how your business compares to your competitors and your industry as a whole.

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8 comments

Feb 28

Relentless Focus

Categories:

ROI Strategies

It is often difficult for a business to maintains its focus. With all the regular challenges of running a business like employee issues, and other daily distractions, maintaining focus is probably not at the top of your list. As humans we only have so much capacity to handle issues that we must deal with each day.

Successful companies find a solution to this problem by keeping their operating philosophy simple. So often businesses get too many programs and systems out to their staff, and over time this has a tendency to create confusion. Maintaining a simple philosophy like “customer service” for your employees can go a long way in maintaining your organizations focus.

We must remember as we continue to get more connected through technology and media, it is easy to get caught up in the notion that this creates a solution, but in reality the technology is only a tool we can use to provide the same service and support to your customer.

 

 

Maintaining focus during challenging times can offer your company the edge that will carry it through to the next market upswing and ahead of your competitors.

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5 comments

Feb 27

Building Trust

Categories:

Business Strategies

People buy from people they trust. If they feel any reason not to trust you then they will take their business elsewhere. Think about who you do business with and you will see the importance of trust in your business relationships. Think about how the people you do business with build their trust with you.

Trust is about confidence and your ability to take care of the needs of your customers. If you establish that confidence, then it will go a long way in building trust. So, how do you go about building confidence and ultimately trust? Here are some steps you can take :

  • Always follow through with your prospects and clients

  • Deliver what you say you are going to do for them, then deliver a little extra (we all like a bonus)

  • Make sure all your touch points maintain that trust relationship and promote confidence in your organization

  • Monitor your front line employees to make sure they are instilling trust in their communications with clients

  • If you make a mistake with a customer take responsibility and then make it right with them, even if you lose money on the account. It will be much more expensive if they start posting negative comments about your company on the internet and social media sites.

  • Promote positive comments and feedback you have received from your customers

It can take a while to build trust initially with prospects, but eventually you can earn their business and make them long-term clients. Just remember to never take the trust relationship you have with them for granted.

 

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Feb 26

Determine Your Market

Categories:

ROI Strategies

Many businesses start out with a great idea, and everything goes great for a while. While you may not have given it much thought initially, at some point you will need to define your business and what, who and why it is providing your product or service. The need to understand your market is critical to your long-term success.

 

How do you define your market? What and where are the buyers of your product and service? Is this a one-time purchase or repeat business model? Defining your market and understanding its characteristics is a critical component of your businesses long-term success. So you need to define the business that you are in.

 

This process does not need to be complicated or require multiple hours of research and analysis. It would be a good idea to sit down with your managers and employees, who deal directly with your customers to gain insights concerning why they have done business with you and what differentiates you from your competitors.

 

 

FEA business reference model: Processes are a ...

 

 

Once you have defined who are your customers and prospects you will have a much clearer vision on how to reach and market to that segment. It will also help you define your message, and ways to better meet the needs of that market segment once it has been defined. Periodically review your market definitions to determine if there are changes and in what direction or adjustments need to be made. You may even uncover some modifications or improvements you can make that will keep your business growing and ahead of the competition.

 

 

 

 

 

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Feb 25

Let Me Introduce Myself

Categories:

Business Management

Ok, let’s get this part over with “Hello World”. Now down to business!

It seems like I have been in business longer than I can remember. I have been working since I was in seventh grade, and worked all the way through high school and college at Michigan State University.  From business owner to marketing and sales management positions, I have a broad range of experiences and worn many hats along the way. While I have mostly good memories of what I have accomplished, I know I have made some mistakes too. My Hope with ROI for Business is to develop a platform to help other businesses avoid some of these mistakes. In addition, there are many areas where a business can improve its performance, so I will spend some time on developing those areas too. Do I know everything there is to know about business? No, and I am sure anyone knows that. If someone comes along and claims they do, then I would start running as fast as I can in the opposite direction. I am not offering any “Get Rich Quick Schemes” or “Make a Million Dollars in Your First Year” plans. My goal is to focus on understanding what challenges face businesses today and share my thoughts and ideas on how they can be overcome and turned into a positive money producing opportunity for your company.

Michigan State University Seal

One thing I have learned, that is actually hard to admit, is that you cannot do it alone. Whatever your business, in the competitive and   always connected world we live in, it makes it very hard to manage and get everything you need to get done if you are doing it all yourself. This is one area I usually find difficult to overcome. I want to know how things work from start to finish, and often the only way to truly understand that is to do it yourself. Even doing things like learning how to build a website is something I really wanted to be involved in versus having someone else do it for me. Maybe not the best use of my time, but what I learned in the process helps me better understand how it works and uncover opportunities for business to maximize their website. I find you always need to keep learning. I find the more I know, the more I want to know.

So, here it is my first official post using WordPress. I am looking forward to sharing more thoughts, opportunities and solutions with you.

Until next time, take care.

Patrick Montgomery

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