Entries by mikemichalowicz
The Real Formula for Profitability
While I have co-founded, built and sold two multi-million dollar technology service firms, I admit they were never truly profitable. Every increase in revenue seemed to be matched with an even greater increase in expenses. Every day I checked (and still do) my bank balances. As the balances would climb and fall, so would my confidence and my spending. I lavishly incurred new, unnecessary expenses when my bank account was fat. I panicked when it was thin.
Your Business Is As Fast As The Slowest Part of The Process
Every business, whether it is an insurance company or a manufacturer, an auto mechanic or service provider, goes through a process, a sequence of activities and steps to deliver its product or service.
When Should I Sell My Business?
It is one of the most frequent questions I hear from tired entrepreneurs – you know, the people who are tired of working yet another day in their business. They want out. They want out soon. And they want it to be a big pay day. But, that is in fact the worst time to sell. When you need money the most and you have lost the mojo for the work. When sales are good, but your profits are bad. Those are the worst time to sell your business.
Know Like Trust & Try
Customers buy from vendors they know, like and trust. Chances are you will buy a Pepsi or Coke over a generic soda, even if the generic pop is cheaper.
Business Coaches: How To Find Your Niche, Instantly
Most business coaches and consultants serve a variety of clients. They pride themselves on having varied experience. They love to help people, and they figure the more different types of businesses they work with, the more opportunities they have to make a difference. The problem with this approach is that they look just like everyone else. If you want to stand out from the crowd, you must become an expert in a niche.
The Two Words That Indicate Your Coaching Business Will Never Grow
When you are asked to describe your target market, do you lead off your response with “Anyone who. . .”?
If you do, I would bet money on the fact that your coaching business won’t grow. With my first business, a computer network integrator, I used to say that we served “Anyone who had a small or medium sized business, in New Jersey, and needed computers.” Then I would be quick to blurt out, “In other words, practically everyone needs me.” Those words are the lead indicator to a struggling practice.
A Simple Trick To Landing Large Corporate Projects
The traditional method of pursuing large corporate projects is to work their internal network. You break in by meeting with someone. Anyone. An intern or a manager. You network internally. You seek introductions. You constantly angle for the decision makers. Then you pitch ideas. You hope some idea sticks with them long enough to try you out.
What’s Old Is New Again
Remember when Brussels sprouts sucked? Your mom would surprise you with those mini cabbages, and you would try to hide them under your potatoes.
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