Tag Archives: Marketing

The Exact Steps To Building Sales and Gross Margin

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The Exact Steps To Building Sales and Gross Margin

You must first know the customers and products that account for 80% of your sales and profit. Please note that this required in-depth analysis of product sales and gross margin by customer. For some companies they may have a select number of customers that account for a large percentage of the revenue but do not account for the same percentage of profits.

Once you have this data then it is a matter of implementing programs to increase sales (see bonus below). Do not ignore gross margin. You cost of delivering a product or service to a customer could possibly be reduced with a resultant increase in profits, pricing may need to be adjusted or both.

Bonus Note: There are only three ways to increase sales:

1) sell more to existing customers
2) increase the transaction size of sales to existing customers and,
3) acquire new customers.

Also please note that increasing sales does not mean that profits will increase at the same rate or at all. For example, it can cost you more in the first year to acquire a new customer than that customer brings in first year profits. If that is the case you might be asking why would you do that. You might do that if the lifetime value of the customer exceeded the cost of acquiring that customer by enough of a margin to make it worth you time, money and energy.

Recently I completed this exercise with a client and directed the sales manager to schedule a meeting with the largest customer. The purpose of the meeting was to negotiate higher prices. The meeting was successful and the client realized an immediate benefit to profits as a result of this work. The effort was then extended to remaining customers and this client went from a break even profit model to earning 7-9% net income before tax on sales volume of approximately $12 million. Does the process work? It works every time.

Steve’s Law of Growing Market Share Part 1:

If You Use Half The Tools Available For Growing Sales and Gross Margin You Will Be In The Top 20% of Companies In Your Industry As Measured by Annual Sales Growth. 

Steve’s Law of Growing Market Share Part 2:

If you use 90% of the tools available to you for growing market share and profits, you will achieve elite status. If you consistently use those tools each day, week and month, you will maintain elite status and be healthier and happier along the way.

May You Achieve Success Beyond Your Most Amazing Dreams

Steve Pohlit,
Business Development and Real Estate Investment Coach
Managing Partner,
Steve Pohlit International LLC
www.stevepohlit.com

 

Service Wins The Game

“Being on par in terms of price and quality only gets you in the game.  Service wins the game.!” Tony Alexandr

During  a recent call that I co-host on a monthly basis with George Ross for a select private group of business owners and entrepreneurs, we discussed how to create the “wow factor” in non-real estate businesses like a convenience store or hardware store.  George advised all  to focus on the personal touch.  Sure appearances and merchandising are important.  Getting to know your customer, demonstrating a sincere interest in the person is what keeps people coming back.

I have no favorite stores any longer. I mostly shop on line and even the on line experience is mixed with ease of shopping. I do have a few favorite restaurants and as a business traveler I have a few (very few) favorite hotels.  However, nearly every day there is an opportunity for a business to provide memorable service and they do. Trouble is the memories are not very positive in most cases.

Here is a recent example. It happened this morning. Jos A Bank is offering a two day buy 1 get 2 free special. There are a couple items I really like from that store.  This is a great opportunity for a deal. However, their on line shopping cart is not working properly for the special.  So I called and a pleasant lady helped me by phone.  When I received my order confirmation, it was wrong …very obviously wrong since there was only one of an item I order instead of three.  I called back to customer service and hopefully the order will be correct now.

Look at all the steps and look at the additional time and look at the impression I have of this business.  Now I will shop again when I see a great deal since there are items where I like the fit and quality.  Guess what there are many places where I can get the right fit and quality.  I am not finding places where I feel I am honored as a customer.  See the opportunity?

I know if I were to visit certain specialty stores I would receive personalized attention.  However, I do not have the time and neither do a lot of other people. There are a growing number of businesses that promote deals: Groupon ,  Deal of the Day and many more.  Nobody is promoting service…big opportunity.

Speaking of service ….that’s my business. Actually your success is my business.

Action Steps

Get A Business Coach! If you already have a business with more than 10 employees, Hire A Consultant who is  able to work with you part of the time on-site.

Would you like to be in the next group of very successful companies and entrepreneurs?

Contact me now.

Steve Pohlit

Business Development Consulting
Executive Coach

Social Media Services
New Digital Media, Inc.

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About: Steve Pohlit CPA,MBA has been the CFO and COO of  major domestic and international companies.  Steve has extensive business ownership experience having purchased and started off line and on line businesses.

Steve offers his  build business profits expertise to companies and entrepreneurs with business coaching and business consulting.  His  focus is on building business  profits and net asset value at above average rates.  Steve incorporates health and wellness plus relationship guidance in his work as they are at the foundation of achieving all goals.

All articles published by Steve unless specifically restricted may be freely published with this resource information.

 

Customer Service For AT&T's iPhone 3GS Network

Everyone I know who has an iPhone experiences drop calls. Some more than others. I am no exception except that I don’t accept dropped calls as normal.

In all fairness, my iPhone 3GS works very well most of the time. Recently I have spent time in California, Toronto, Chicago, Edmonton, Alberta. My home is in Florida. With all of this travel I had very little difficulty with service. My service issues begin when I near my home….within about 100 ft to be more precise. I have several iPhones since 2007 when the first iPhone was released. Since then I have had several periods of weak connectivity but overall I have not had a problem. That changed beginning late last year.

Once it was clear to me that something had changed and my phone was not the problem. I began calling AT&T.  I think having to do that should be considered as a terrorist interrogation technique.  There have been a couple people in that company I connect with who were very nice to talk to and demonstrated they understood the issue.  They also assured me the problem would be fixed.  The problem is not fixed.  And tech support actually misrepresented the action the took. I was told today that an engineer had been dispatched to my home area and found nothing wrong.  No engineer ever showed up and the most that was done was for someone to look at some screen and conclude their towers were operating properly. I never doubted that because a malfunctioning tower would be detected and fixed.

If I heard it once I heard this once I heard this at least 5 times just this week. We apologize, our towers are fine. Please be sure your software is up to date and turn your phone off and on as we sent some data or something to your phone.  There is a lot more but the bottom line is, this issue is not resolved and the discussions I had with tech support were totally not helpful.

Business Marketing 101: make sure you invest in retaining the people who are doing business with you now.

Business Problem Solving 101: Variance are solved one person at a time.

Business Relationship Building 101:  Almost nobody expects technology or any product for that matter to work perfectly all the time. It is how you handle the problem that determines whether you are building positive or negative goodwill.

My Conclusion About AT&T

1. There are indicators AT&T’s network is inadequate and Apple which is an excellent company will find alternatives.
2. AT&T continues to fuel negative goodwill
3. Markets have a way of compensating for weakness. Look at how many companies that were once huge have or are near closing their doors.

Key Lesson For Those Learning Business Principles: Pay attention to what the losers do and then …don’t do that.

Sending you energy of health, happiness, prosperity

Steve Pohlit

Business Consulting, Executive Coach
Turnaround/Crisis Management
Temporary CEO, CFO, Controller Services
International Business Resources

Social Media Services
New Digital Media, Inc.

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Facebook

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MySpace

727-587-7871

Email

About: Steve Pohlit is a CPA,MBA and has been the CFO of several major domestic and international companies.  Steve is The Managing Director of  Top 1 Coaching/Consulting of  The JT Foxx Organization. He is  an expert business coach and consultant focused on building massive business  profits and net asset value. He is very experienced with Internet marketing and social media marketing.  All articles published by Steve unless specifically restricted may be freely published with this resource information.

Carl's Jr. Very Effective Use of Social Media, Internet Marketing, Video, More

Carl’s Jr. has over 1100 locations with 772 in California. They have no locations in my current home state of Florida. However, because of my business consulting experience in the restaurant industry along with a controversial video commercial released by Carl’s several years ago, I became aware of this restaurant business. I learned it was  founded with the purchase of one hot dog cart for less than $500  in 1941.

While reviewing a Facebook  application recommended by a friend I noticed an ad on the site for Carl’s.  Of course I remembered the original video that was absolutely outrageous and wondered if they had posted it on Facebook.  (They did not.)  What I did notice was they have almost 68,000 fans, they are promoting a new sandwich, offering an incentive coupon and their fan page wall is extremely active.

I went a little deeper and clicked to their website.  I stayed there maybe 5-8 minutes watching all their video commercials. They are very entertaining. I registered for their newsletter. The visuals, sounds and messages of the videos and the images of the graphics are terrific. If there was a location nearby I would be a customer.  I also feel that the next time I visit the West Coast I will look them up. Their presentation is that good.

Carl’s Jr has links to Facebook, Twitter, YouTube and Flicker on their website.  I am not sure if they have expanded onto other social media sites. If  asked I would  recommend they be on every major social media venue. Clearly the visuals and sound are huge assets for their messages about their food.

Food isn’t the only attraction as evidenced by one YouTube video with Audriana Partridge in a hot gold bikini eating one of Carl’s Jr.’s famous sandwiches. This video has already been viewed over 545 thousand times with most others by Carl’s Jr.  being viewed in the range of 20 thousand.  Think about the value of one YouTube video being viewed over one half million times.

I did a brief review of Facebook to see if key competitors are using social media. Facebook members have activated McDonald’s and Wendy’s fan pages. Neither company seems to have an active Facebook presence.

I am a major advocate for using social media to build business profits. But here is the key as demonstrated by Carl’s Jr.: you have got to have a hook.  Carl’s is kicking butt in their ads for size, quality and price vs. McDonald’s.  Then they add amazing visuals, incentives, and are definitely on top of their game when it comes to strengthening social relationships.  So they are hitting on all cylinders including the use of a well toned body wearing little excited about a huge order of food. What an amazing contrast and Carl’s Jr. pulls it off marvelously just as they did a few years back with a famous celebrity promoting their food wearing near nothing on the hood of a car.  It was amazing.

On video and in pictures, Carl’s Jr. looks like  great tasting food. I assume that is the case with more than 1,100 locations. Of course that is key for sustained growth in same store sales as well as sustained growth in the number of locations. Somehow I suspect the food experience is great and I will confirm that one of these days. If you have eaten at Carl’s Jr. please share your experiences including what you ordered.

Great  example Carl’s Jr. of executing very well on fundamentals.

Sending you energy of health, happiness, prosperity

Steve Pohlit

Business Consulting, Executive Coaching
International Business Resources

Social Media Services
New Digital Media, Inc.

727-587-7871
Email

When Business Sucks, Look In The Mirror

All the solutions are waiting for you to attract them.  That’s right and if you disagree, you are correct.  What you believe is true for you.  For me, I know what I focus on expands. That is The Law of Attraction and it is always working even in business.  If you expect problems you will attract problems. If you look outside for the reasons there are issues in your business, then you will always be finding someone or something to blame.  All this solutions for your business start with your knowing there is a solution. Consider these examples:

Last week I began working with a rather large business that finds itself in a cash crunch.  The first meeting I had with the owners of this business asked the single most important question relative to this situation. “Do you feel this situation can be solved?”  Without a consensus yes answer, there would be no reason to continue.  We continued.

I called a meeting on the second day right at the beginning of the day with these owners. I asked them to begin focusing on the picture of success.  I guided them to shift their thoughts from all the issues that are pressing to the picture of a well coordinated profitable business with plenty of cash.  I said to them we would have this meeting every day that I was on sight and I encouraged them to hold the meeting when I was not there.  This week I will give more clear directions on imaging specific success for their business.

In business there are three situations: First there is the current situation. Second there is a situation that is more negative than the current situation and if that trend continues it could lead to what people describe as a worst case. Third, there is the going forward picture of what it is that the team of people in the company will create.  Of course my work is primarily focused on the third picture. Since I am not able to discern what others are intending, I spend some time on a worse case scenario designed to protect the business should events proceed quickly to the negative. On balance,  I usually spend 90% of my time on designing and implementing the going forward plan.

Solutions to business situations vary depending on the conditions being addressed. The second day into this project calls were received that represented huge opportunities. Day three another call came in that also represented a marvelous opportunity.  None of these seemed to be in motion until the owners began focusing on success.  They are responsible for their business and they are responsible for attracting success. My work is to help them attract success and optimize revenue and profits. I  show them how to continue that process once the project they hired me for  is complete.

Does their business suck?  Well actually it did up until a week ago. The owners are beginning to see they are responsible. They are no longer blaming external people, places and things. Once you accept responsibility that your are the reason for the state of your business, then you can begin to paint a new picture.

I experience more examples of how business sucks  in one week that I could possibly write about in a month. I’ll bet you do to and I’ll bet you have a short list of what they could do to improve the situation fast.

Consider this  example:  in the town of my  most recent client referenced above,  there is a very nice building exterior that is a home of a restaurant.  From all outward appearances, I anticipated a very good dining experience. Inside told a different story.  First the atmosphere was very institutional.  However, it appeared to be clean.  The appearance of the staff was not one where you knew they had much pride in themselves and so they didn’t have pride in servicing customers. I am sure there were exceptions. But I didn’t attract any that evening.  The food was not even close to the pictures on the menu.  The beer selection was good and it was good.

That is just one example of  “When Business Sucks, Look In The Mirror”.  Each of the issues described are fixable in a very short period of time.  There are so many opportunities in business for “doing it better”  without having to spend a lot of money.  The solution starts from within. It starts with the mindset “I am responsible for the outcome of my business.”

In operations, I work with companies on fundamentals.  In marketing I recommend solutions and have do it for you solutions. The do it for you solutions are particularly valuable in the social media marketing arena. In all cases I stay focused on proven business principles.  These are the ones that are ignored the most because the discipline required t0 execute the fundamentals is routine and boring.  It  just so happens those fundamentals are where the gold is mined.

Sharing with all my readers the energy of peace, happiness and abundance

Steve Pohlit, The Profit Expert

Designer: Local Business Marketing This program is outstanding because it builds  long term relationships and profits.

Email Me, Steve Pohlit to schedule A No Obligation Consultation On Building Your Business Profits.  Need more customers? Let’s discuss how to use cutting edge Social Media Marketing in the revenue building cycle of your business to drive your profits sky high.

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How To Increase Business Profits by 30% or More in 90 Days or Less

WordPress Blogging Is A Foundation Marketing Tool: Backup Your Content

There are four foundation tools every business should be using as part of their marketeing strategy. These are listed on my site www.stevepohlit.com   I  have also  written detailed articles about these foundation tools. For example Click Here for an article on how blogs and video help your internet site search engine ranking. You sould be subscribed to Steve Reports for tons of information I publish that will help your business grow profitable revenue.

For your convenience the foundation tools are:

  1. A currently updated website, keyword optimized and with  contact information capture script with linked to an autoresponder.
  2. A blog that is regularly updated with relevant information and links to your website. You blog should also have contact information capture script linked to your autoresponder. Register at http://bloggingforprofits.biz  for free instuctional videos on how to do this. Here is my introductory video on Blogging For Profits again for your convenience
  3. Use short videos that you produce, topic and keyword specific that you post to your blog. Select ones should be posted to your website. Register at  http://youtubemastery.net for more than 20 videos that teach you how to do this for free.
  4. Enhance the relationships with your customers and prospect list with email communication. Use off line actions including; meetings, phone calls, post cards and letters.  This is why you want to capture the contact information of visitors to your website and blog.
Of course there is more and that is covered in the marketing module of my business consulting practice. My contact information follows this article.
BACKUP YOUR CONTENT
By now most people are aware of how to backup websites and most autoresponder companies provide an easy to use download feature for you customer database. My preferred autoresponder service is Aweber Click Here 
It seems most people are not thinking about all the content they add to their blogs and the backup of a blog is differenet than a website. WordPress Blogs, and I believe most other formats, run by adding your content to a database. WordPress based blogs all use MySQL database technology. Sounds “Twilight Zone” but it isn’t except for you are not able to simply backup your files like you are  able to do with a website. You must backup the database.   

Sounds scary?  It isn’t. Watch the video I prepared on this topic and I suggest you believe me when I say: “if I can do this …you can do this”.  Of couse if you don’t want to do any of this and have someone do it for you, I am ready to help.  For the video on how to back up you WordPress Blog Please Click Here. 

Sending all my readers the energy of wellness, peace and abundance

Steve Pohlit,
The Profit Expert 
www.StevePohlit.com

Network with me on Facebook: LinkedIn: Follow me on Twitter

Steve is the President of International Business Consulting Resources. His firm specializes in guiding companies to rapid increases in revenue and profits with a sustainable growth rate. Don’t miss my FREE Report: How To Make More Money With Your Business Now and Long Term I am building my practice and welcome new client inquiries. Call me for a fee consultation at 727-587-7871 

This report may be freely distributed without restrictions with the original content including this resource box remaining unchanged. Author: Steve Pohlit, Business Consulting Services, Executive Coaching, please visit www.stevepohlit.com

 

PS. My doors are open for new clients and referrals are well compensated. 

 

How Is Your Business: Read The Amazing Answers

During a trip to my hometown Johnstown, Pa I had the opportunity to ask quite a few people how they were doing economically.  I was anticipating more than a few doom and gloom stories.  

I learned about a company that makes specialized lighting systems for coal mines that has doubled in size from 40 employees to 80 in less than four years. Plus they are still hiring.  New lighting technology has created a new market: coal mines that have closed.  Really cool!

I met an engineer for bridge systems in the Pittsburgh market whose main concern was being so busy. He was actually hoping for to be able to take some time off soon.  Then there was the guy who couldn’t say much about his work. In fact he couldn’t say anything because he works under an oath of silence in a place near Washington D.C.

Nearly everyone I talked to was upbeat and busy with their jobs.  Consistently I meet business owners who tell me their business is bad. This trip was no exception. In every case except one, what is really bad is their mindset or attitude.  Each doom and gloom story is attached to a business that has huge opportunities for profitable growth. But the owners don’t think so. When the owners don’t think so the results reflect what the owners think. I encourage every business owner I meet to get started with easy to implement, economical marketing. My recommendation is a four step:

1. Install or update the business website with visitor contact capture on every page.
2. Activate a blog with relevant content fed to syndication sites. Each item of information has back links and contact information capture form tied to an auto responder.
3. Use video for topical content structured with benefits and a call to action. Syndicate the videos, add them to the blog and select ones to the web site.
4.Using email marketing, and other action steps, get closer to existing customers and develop relationships with prospects.

While my marketing module is comprehensive the above 4 steps are integral to the module and will result in noticeable improvements to your business. Implementing most of these four steps takes very little cash but does require some time. The choice is spend your time on rational marketing or you can sit around and complain. 

Sending all my readers the energy of wellness, peace and abundance

Steve Pohlit,
The Profit Expert 
www.StevePohlit.com

Network with me on Facebook: LinkedIn: Follow me on Twitter

Steve is the President of International Business Consulting Resources. His firm specializes in guiding companies to rapid increases in revenue and profits with a sustainable growth rate. Don’t miss my FREE Report: How To Make More Money With Your Business Now and Long Term I am building my practice and welcome new client inquiries. Call me for a fee consultation at 727-587-7871 

This report may be freely distributed without restrictions with the original content including this resource box remaining unchanged. Author: Steve Pohlit, Business Consulting Services, Executive Coaching, please visit www.stevepohlit.com

 

PS. My doors are open for new clients and referrals are well compensated. 

Elite Business Leader Group Leaks Marketing As The One Action That Makes More Money Now

On October 8, 2008 a very select group of highly successful business owners met for 90 minutes to explore what strategies are working the best in today’s economy for growing their business. These business owners represent companies with  current revenue and gross marging growth rates (this year vs. last year) of at least 10 %.

With no close second choice, each person said that an aggressive marketing plan, rationalized and implemented each day was solely responsible for the growth in their business.  The only difference in the individual representations was the methods used.  The marketing tools used to bring targeted companies through the sales funnel, varied in their application depending on the type of business. For example, while all companies had a business website, a number of the owners clearly used personal connection as the primary marketing tool.

I estimate about half of the nearly 30 in attendance use email marketing and direct mail. All have traditional media including business cards and other print collateral.  10% were experimenting with video and close to the same were experiencing with blogs.

Can you imagine what could happen with your business if you consistently focused on and implemented all of the following:

  • Email capture and marketing with the assistance of an autoresponder
  • Video and blog messages integrated with your website and business theme (message going out at a rate of not less once week.)
  • Selective use of press releases
  • Direct response mail
  • Google Adwords
  • Networking events
  • Monthly newsletter
  • Radio Show Interviews
  • Select print and electronic ad placement
  • Ebay store (if applicable)
  • Other depending on your business

My marketing module is tailored for each business.  Nearly in all cases I am recommending the use of video and blogs to support a foundation website for the online marketing component. Of course customer contact management using email, phone calls, meetings and direct mail is critical.

I have prepared an introductory package that will help most companies jump start their revenue growth.  This package is particularly attractive as it does not involve much time on the part of management.  Here is the summary:

Do It For You Package:

Hosting One Year
Full Cpanel Access Your Log-In and Password
Your Domain Hosted on My Server
Setup a Website Template on Your Domain
Wordpress Blog Set-Up In A Subdomain
10-15 Plugins Loaded
Up To Three Graphical Templates For Your Blog,  Loaded That You Pick
Your own autoresponder account set up and assistance with the first 2 or three email messages
Up to three 5 minute videos, syndicated and integrated with you blog and website. (video is really hot.)

Up To 10 hours of consultation focused on guiding you to making money. Is this a great deal?  Well it could be worth many millions. You tell me. What is your business and what is your idea?

Price $2,000 flat or $1,200 up front and$1,200 upon completion.

pixel Elite Business Leader Group Leaks Marketing As The One Action That Makes More Money Now

Sending all my readers the energy of wellness, peace and abundance

Steve Pohlit,  www.StevePohlit.com

Network with me on Facebook: LinkedIn: Follow me on Twitter

Steve is the President of International Business Consulting Resources. His firm specializes in guiding companies to rapid increases in revenue and profits with a sustainable growth rate. Don’t miss my FREE Report: How To Make More Money With Your Business Now and Long Term I am building my practice and welcome new client inquiries. Call me for a fee consultation at 727-587-7871

This report may be freely distributed without restrictions with the original content including this resource box remaining unchanged. Author: Steve Pohlit, Business Consulting Services, Executive Coaching, please visit www.stevepohlit.com

How To Build Business Profits Today With Just This One Action

There are two parts to this article. The first part offers people in business a reminder of what can and must be done right now for your business. The second part offers my point of view on who is responsible for the less than exciting economic news headlines that seem to be part of our daily routine.

The Number One Action Step You Can Take To Grow Your Business In Difficult Economic Times and In Booming Economic Times.

Spend 50% of your time finding out how you can provide more value to your existing customers. As you find out then deliver that value.  Spend 30 % of your time developing new customers.  In summary, spend 80% of your time marketing.  That’s it. If you are not growing your business, you are killing your business.

Who Is Responsible For The Negative Economic Events We Hear About Daily?

Do you remember there are rules and regulations already in place governing the banking system?  Really doing a good job right?

Do you remember Sarbanes-Oxley?  This was and is the law in response to the Enron fiasco and a number of other business situations awhile back.  The idea was to prevent similar disasters from recurring.  People seemed to forget  there has been a professional internal controls standard already in place along with public company rules and regulations  governed by the SEC. So with well founded governing policy already in place we enacted a law that has cost taxpayers billions of dollars and what is the result?

We have huge losses. The financial markets are in turmoil and so what is the conclusion?  Our elected officials say we need more regulation. Where is it in the founding principles of our government does it say “we the people want the government to stick its nose everywhere we live and do business.”

Obviously I am a major advocate of very little federal government regulation and so a fair question is what are the alternatives?

I always look to what works for answers. In the history of our economy there are plenty of examples that provide guidance. When businesses provide value equal to or more than the price charged, people buy what is offered. When a business comes along and offers a competitive alternative that is superior to what is available people vote with their wallets.  If what is offered by a business is not profitable for the business it ultimately fails.  One example of this is the train wreck that occurred in the Internet Industry a number of years ago.  Companies  had a great story and were funded by private investors, but had no substantive product that was in demand by the market place or at least at a price the market was willing to pay. The economics of supply and demand worked perfectly.  Companies failed and private investors got smarter. Where there was abuse, people went to Club Fed.  Basic governance worked.

This portion of this article started with the question of who is responsible for the economic mess we seem to be in right now?  Here is the answer……look in the mirror.  We have allowed our governments to grow out of control and the ripple effect is an economic mess across this country that extends to international markets.

It is my belief I am totally responsible for everything that happens in my life. It took me a long time to understand that. Once I did, I can point to a noticeable improvement.  Extending that to our economy and even beyond our borders, I know that when each person stops looking to others for a solution and delivers the message to people in public office that we have had enough with the regulations that don’t work, we as a country will grow stronger. We have the right to live our intentions in freedom and peace and we are sitting back and allowing others to weaken that right. It is time to say no more.

Sending all my readers the energy of wellness, peace and abundance.

Steve Pohlit
http://www.stevereports.com

Don’t Miss These Free Reports from my new business consulting site:

The Top 10 Action Stops That Will Make Your Business At Least 50% More Money in 90 Days or Less While You Spending Less Time Working Click Here For The Free Report

The Key Issues That Must Be Addressed Before You Buy Any Business of Any Size. Click Here For The Free Report

Steve is the President of International Business Consulting Resources. His firm specializes in guiding companies to rapid increases in revenue and profits with a sustainable growth rate. Don’t miss my FREE Report: How To Make More Money With Your Business Now and Long Term I am building my practice and welcome new client inquiries. Call me for a fee consultation at 727-587-7871 Remember many of my business building articles can be found at Steve Reports and my prosperity building tool (best tool ever for helping you manifest your goals and dreams) is The Prosperity Tool Chest and guiding articles posted very often at Prosperity Tip

5 Steps To Stop Insane Management From Driving Business Into The Ground

As a reminder the popular definition of insanity is “doing the same thing over and over and expecting the different  results”. Most companies continue to do business the same way and blame the economy and high gas prices on their declining business results when they should be looking in the mirror. There seems to be a strong undercurrent of “I am waiting for somebody to do something vs. I am responsible.”

The operative word here is most. There are sectors of the economy that have been hit by current conditions. I will leave that analysis to economist and academics. They have a lot more expertise in such matters and enjoy the intellectual debates of cause and effect. I have a laser beam focus on what individual companies can and should be doing to achieve their potential.

I am excluding from this article any company who is in serious cash flow difficulty. When a business gets to that point, crisis management… turnaround expertise is needed. MY firm International Resources does that work and we are very good at it. I always advise if you are in that situation, call me or a firm like mine right now as time is of the essence. My direct line is 727-587-7871.

What are “The 5 Steps To Stop Insane Management From Driving Business Into The Ground?”

1. Have a very clear profit plan at each line item of business performance. Measure actual performance against plan and have clear accountability for achieving the plan line item by line item. To implement this you must have timely, accurate and relevant information. No excuses…must have.

2. When people who are accountable for line item performance consistently fail to meet the stated goals, replace them. Period!

3. The number one function in a business that will be the subject of most of the excuses is sales. These excuses come from people who do not understand how to market to a consumer who places ever increasing importance on relationships. Why do you think the community building sites like YouTube, MySpace and Facebook are in the top ten most highly visited sites globally? According to Alexa, YouTube is 3 , MySpace is 6 and Facebook is 8 ) Every business must have a relationship driven marketing strategy and then implement it. See Relationship Marketing below.

4. Always be evaluating the market including on line competitors. I wonder if Microsoft, Yahoo and AOL in retrospect would have done anything different when Google first came to market?  No company is immune from being seriously weekend by competition. I look at the drugstore landscape. I live in Florida where competition is very active particularly for pharmacy prescriptions. A new format of drugstores was introduced not that long ago by Walgreens, CVS, and others with positioning of buildings with 24 hour drive through pharmacies on high cost real estate. Two things have happened with those changes. Prices skyrocketed to pay for real estate and relationships with the pharmacy customer has almost become extinct. Within this landscape I am aware of several privately held drugstores doing very well because of their attention to customer relationships.

5. Don’t push a boulder up hill. Some companies were never meant to be. People start companies or buy existing companies because they think it is a good idea. The only opinion that matter is the market. If your business was not all that strong in the past and you are basically doing everything right, the best action to stopping the profit leaks may mean closing the doors. If you are not sure Contact Me.

Reality Business: The following examples are taken from just one day’s experiences – today.

1. I was talking with a former client who is now a good friend, who told me they have exposure on a large receivable as it looks like the customer is going out of business. After asking two questions I understood that procedures installed during the consulting project were ignored. Insane management. This happens all the time where people make exceptions to sound business practices and then wonder what went wrong. Follow well founded established policies and procedures without exception. Does that mean nothing will ever go wrong? No, but the surprises will be fewer and far between.

2. During a meeting with a very successful fund manager I asked him if there was any one or two things that he attributes to his success. We were specifically talking about clients who transfer portfolios of $250,000 and higher to him from other firms. He said: “just two things: first I have a “high touch” approach which cements the relationship. The markets have been unforgiving lately. I increase my meetings with clients when competitors are shying away from making calls to people whose portfolios have been hit. Second I have marketing funnel to my target audience that has consistently worked very well.” I am not writing the details as this is proprietary but I will tell you this – you don’t have to be a rocket scientist to figure it out.

3. I was invited to lunch at a very nice restaurant in Tampa. It has a fairly steep price tag for most of the selections. There were many tables available. Like nearly every other restaurant I have ever dined, regardless of price point, when I left they have no idea who I am and have no way of inviting me back. Insane management.

All in one day!!

Relationship Marketing:

I love talking about how easy it is for retail business to install a relationship marketing program. This is actually easy for every company, but most readers can relate to experiences with restaurants, grocery stores, dry cleaners, specialty shops and other retail stores. Just ask yourself when was the last time you received a thank you note, an incentive to come in for a special on a particularly slow day or a brief questionnaire asking you how they can serve you better? It happens. I listened to a story the other night about a business getting a fax every time it rains near the lunch hour from a nearby restaurant saying “It is raining. Our business will be slow today. Come in for a free Taco.”” Of course, nearly everyone will be buying more than one taco. But isn’t that cool and how hard is that to do?

Visit http://www.localretailmarketing.com for an idea on how you can begin strengthening your customer relationships. The information is free. My firm is not if you want us to do it for you. We get it done now which can be very valuable for you.

Accept The Responsibility and Take Action Starting Now!!

Sending all my readers the energy of wellness, happiness and peace.

Steve Pohlit
http://www.stevereports.com

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Steve is the President of International Business Consulting Resources. His firm specializes in guiding companies to rapid increases in revenue and profits with a sustainable growth rate. Don’t miss my FREE Report: How To Make More Money With Your Business Now and Long Term I am building my practice and welcome new client inquiries. Call me for a fee consultation at 727-587-7871 Remember many of my business building articles can be found at Steve Reports and my prosperity building tool (best tool ever for helping you manifest your goals and dreams) is The Prosperity Tool Chest and guiding articles posted very often at Prosperity Tip