“Culture eats strategy for breakfast” is an often-used phrase to describe an essential element of organizational success. Here’s my take: You need both. Without a comprehensive, well thought out strategy, businesses tend to operate in a state of constant randomness. And while short term success may be found in reacting to opportunities and circumstances as…
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Ask the Accountant… Question: What is equity in my business and how is that different from assets? Answer: In accounting, equity is assets minus liabilities. Equity is the portion of your business that is yours after debts or liabilities are considered. As an example, if you purchased a house for $300,000 and took a mortgage…
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It’s not uncommon for business leaders to stress the importance of “customer focus” through all areas of their enterprise. On the surface, not a bad idea. However, upon closer look, this approach may be keeping your business from realizing its full potential. Here’s why. We’ve all heard of the Pareto Principle, sometimes referred to as…
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When comparing “same-store sales” and “new customers,” you’re essentially looking at two different metrics used to assess the performance and growth of a business. Most Graphic Communication companies are not looking at their business in this manner. I think they should begin breaking out these numbers and let me go into detail as to why…
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When it’s football season, one saying you often hear is, “Offense wins games. Defense wins championships.” That is also true in sales. Offense — or outbound selling — gets new accounts, but defense keeps them producing revenue year after year. What does playing a strong “defense” mean for a sales pro? It comes down to…
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Ask the Accountant… Question: Can I use the QuickBooks Online Plus Chart of Accounts that is included in the program? Answer: Yes, but it is a poor format for our industry. QuickBooks is a wonderful product and is the No. 1 accounting software for a small-to-medium-sized businesses. It is used by a wide range of…
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It’s hard to believe, but we’re in the second half of 2024. Many of us do end-of-year reviews of our business goals and accomplishments, but how many of us stop to do those things mid-year? As basic as this sounds, most people don’t. But those who achieve their goals often do. Highly goal-oriented people tend…
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Sales can seem difficult and out of control unless you know the keys to making the sales process easy. Always be in control. Here are the 3 keys: 1. On every sales call, before the call is over, you must agree on next steps. You can never assume your prospect will follow up. You must discuss…
Read MoreLooking to boost your sales in 2024? Ask yourself if there is any low-hanging fruit you might have missed. “Low-hanging fruit” refers to those easy sales that are no-brainers. Once identified, they are common-sense opportunities that are easily recognized by distributor and customer alike—and there might be more of them than you might think. One…
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Recently I had a great conversation with a very successful distributor owner. He is only in his 50s, but is ready to sell his business. He has made great money in his years in the business. No doubt he could make much more. When I asked why he does not keep growing the business and…
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