Recovery Plan P9

Okay. And the third video in the series on the future is, Key Performance Indicators, more important are Key Predictive Indicators and simpler, still, Targets.

Now, if you and your business are not working on targets, and I'm talking about targets in all sorts of areas...

...we have these seven magic numbers and you know, a couple of them, I'll just reel off now...

So you've got the leads,

you've got the conversations,

you've got the conversions,

you've got the margins,

you've got sales, of course...

...you've got, you know, there's a whole, there's a range of seven magic numbers for each business.

Some of them are common to virtually all businesses and some will be specific to your business.

You can work with those, you know, you can take the common ones and then get tweaked in for the, for the niched ones.

If you set targets, then something changes in our mindset.

You can imagine.

I talk about in other blogs, you know, imagine watching a football game with no goals, right? The players are just kicking the ball around.

How exciting would that be for the players and how exciting would that be for the audience?

Not very!

Golf, aiming in the hole. Right?

All of that. It's all, we all have a goal and that makes things exciting.

It changes something in our psyche that makes us want to go further.

So, the elements, once you get past targeting more and more powerfully, are key performance indicators, which somewhat are the seven magic numbers.

If you work on targets, you'll, you'll help yourself, for sure.

And they're really simple to do.

If you have online accounts.

If you don't have online accounts. ...please consider getting it.

It's always up to date.

It's always accessible anywhere in the world.

And, I can't, I can't imagine what I would do in business without it, for myself and for my clients.

And then of course you get these predictive indicators.
These are the most powerful of the lot.

Let me give an example of it.

A key performance indicative indicator could be sales.

A predictive indicator could be leads.

It could be conversations because the more leads you get, if you follow the sequence down in a fun

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Recovery Plan P8

This video is about pivoting.

We may have mentioned it in the past. I don't apologise for mentioned again.

We need to look at pivoting.

What we offer.

How we offer it.

How we deliver it.

How we discuss it.

What we discuss, and

What we deliver...

and maybe begin to look at, do you remember, we talked a little bit about new services.

And products and packages, and sometimes we may need to change the bonuses we offer.

We may need to change the, the offer we make.
We may need to get stronger with our offer...

too often, you know, business owners just do, do a simple offer.

You know, here's my price for doing this.

They don't make it super appealing.

One of my mentors calls it, "the godfather offer",

You know, the offer You can't refuse.

And, what, when you, when you come to make an offer that people can't refuse, of course they can refuse... it's a free world,.

But more people will take it up because they, they get more value from it and they enjoy going through the process, buying it and getting value from it.

So look at pivoting -what you're saying.

Look at pivoting - what you're doing.

Look at offering new stuff.

Look at building the context that we talked about in marketing.

All right...This is Gordon wishing you well.

This the second of the three?

The last video in the series that I'm making right now is going to be talking about the future still.

Get tuned in for that one.

It's coming soon.

Take care.

Goodbye.

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Recovery Plan P6

Okay. On the third cash flow tip I have for you today, we're going to be talking about getting your terms right .

Now. we have many, many clients who, before this, economic situation arose before the virus hit and caused all the problems we had clients offering 30 days, 60 days, 90 days...

... many, many offering 30 days.

A few offering 60 days and some even offering 90 days credit.

There were also very few people asking for money up front, asking for deposits.

And I think that has to change.

Well, actually I know it has to change, but I think I'd like you to consider changing it for yourself and your business.

Now, before you sort of say, "well, times are tough....
We need all the business we can".

That I understand.

And I accept 100%.

Business is tough out there and we need to get business in.

But we also need that to make a case for getting the right terms to reduce our economic risk of our businesses.

Because the last thing we want to do is do the work and not get paid.

We don't want to have to find out somebody else's cashflow problem.

We have enough. ..Dealing with our own cash flow issues.

Right?

And so what I'd like you to consider right now is look at all your terms of business, you know...

How do you sign up clients?

How do you credit check them?

What terms do you offer them?

What deposits are there?

What relationship do you insist on and, you know,
Make sure you've doubled down on looking at your terms, because if you don't, you're at the mercy of somebody else's terms.

Now let me, let me just say that...

I think I've mentioned this in the past...

...but more businesses fail because of cash flow than because of profits ...

and you could be taken out through no fault of your own, but through a fault off them...

... they could have poor credit checks on their customers and get taken out.

Or somebody above them goes down and knocks them.

They could be taken down.

So you really want to make sure that your business...

On its own... does everything it can do to make sure you survive.

The last thing you want to do is do work and not get paid.

All right, that's it for my third cash flow tip.

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Recovery Plan P5

The second tip I've got for you on cash flow
management to get the feeling of cash flow, being managed and not slipping through your fingers is, to tighten your cash flow procedures.

Now your cash flow procedures could be anything from calling people before the money is due to collecting it on the due dates, to chasing for money.

You want to tighten that up.

Remembering... that more businesses fail due to lack of, of cashflow, then lack of profit.

In the last recession, more businesses failed, even though the profits are rising.

A lot of business with profits, rising, fail because of cashflow.

If one business goes down, it takes a multiple number of businesses with them.

And we know how many businesses failed recently...
Have cut team members..

You know...an absolutely sad, sad tale.

And we need to be mindful of that when we're doing our business.

We don't want to be doing the work and not getting paid for it.

That would be criminal.

Wouldn't it?

So look at your cash flow procedures and make sure you are Bulletproof.

Okay. That's my cashflow tip, number two,

Watch out for number three.

Want more in depth analysis.

Join me next Thursday 1st October, 11 am Eastern, 4 pm UK.

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