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17 minutes | 18 hours ago
How to Sell Larger Retainers while Overcoming the 4 Top Scalability Challenges for Agencies using Retainers
A lot of agencies love having retainers - they are the Holy Grail. Having clients on long-term retainers, consistently paying you month-after-month gives you a strong, consistent cash flow so you can scale your business from that. But a lot of clients are resistant to purchasing high-ticket, year-long retainers. Why? It can be very challenging to get to the point where clients are going to commit at this level, and it can take months or even years of testing with small projects to be able to build that trust with them. There are four big challenges to gaining these long-term retainers, and I share how you can overcome them so you can set your business up to grow. Listen in to find out: The values driven by hours billed Another layer of the sales cycle (so you have to sell your client multiple times) The best possible results oftentimes don't happen with a small tester projects Working up to a retainer with smaller test projects actually keeps you, as a CEO, stuck working in the business instead of on it Final thoughts If you’re an agency struggling with getting these high-ticket, long-term retainers, take action now to avoid getting stuck in the crazy cycle of chasing clients with small projects. Leave a review If you’re finding a lot of value from this podcast, please leave a review on iTunes!
17 minutes | 8 days ago
The Best Type of Consulting Agency to Scale in a Challenging Economy
Buying patterns changed in 2020 - but that’s nothing new. Buying patterns have been changing for hundreds of years, but what has changed recently is how quickly those buying patterns have changed. The trend happens any time there’s a recession or downturn in the market. Only the toughest and strongest businesses are going to rise to the top. But the $1,000,000 question is: How are you able to position your consulting agency so that you not only survive, but actually thrive? Listen in to find out: How to safeguard against the downturn in the economy How you can innovate to stay relevant in your industry How you can improve your offer to stay competitive in this market Final thoughts Don’t bury your head in the sand and hope things get better. If you want to have a consulting agency that is resilient in any market climate, you need to have a killer offer that’s relevant to the challenges of the market. Look for a painful problem (I look for at least a 7-figure problem) and then look at how you can solve that problem - and it doesn't matter what the market climate is. If you’re wondering how this can work for your business, join our Executive Briefing every Wednesday at noon Mountain Time. In a small group environment, we discuss what’s working to scale growth in agencies right now and how this model might fit your business. Leave a review If you’re finding a lot of value from this podcast, please leave a review on iTunes!
34 minutes | 15 days ago
Scale high-level, customized services to 10X business in 6 months - with Madeleine Silva
Madeleine Wyke Silva is the Healthcare Profit Strategist. She works with physicians to help them grow their practice and add $100K to their bottom line. When we first started working together, she was at this point where she was having real capacity issues. She could only work with a few clients at a time and that was really capping her income. And the only way that she could make more money is to work more and more hours, but she wanted to grow this company that could run without her. In this episode, Madeleine and I talk about how she's scaled her business, how she's been able to 10 X her income in and create that 10 X the amount of growth since the beginning of the year - during COVID - and how she's innovated her business model to really thrive during this market. You’ll also see what has been working for her to create such a fast, rapid growth in her business, and really being able to go from a capacity of 3 clients to now having a capacity of 20 clients (and increase her fees considerably). Listen in to find out: How Madeleine learned to create her client success map and systematize her processes How Madeleine attracts and qualifies the right leads, which leads to an 85% close rate How Madeleine prepared her business so she could become more profitable even during the pandemic Final thoughts Connect with Madeleine through her Facebook group, Healthcare Heroes. Leave a review If you’re finding a lot of value from this podcast, please leave a review on iTunes!
40 minutes | 2 months ago
The three gates to get through to reach higher quality clients with Brian Regienczuk
Brian Regienczuk was my guest on the podcast today. Brian Regienczuk is the CEO and Founder of Agency Spotter, with a mission to liberate the data that helps professionals make better decisions around services suppliers, like marketing agencies. Brian consults to help top executives in the space, while leading the growth of Agency Spotter’s two products: SpotSource.com and AgencySpotter.com. In this episode, Brian and I talk about how you, as the CEO of a smaller agency that does really high quality work, can get your foot in the door with bigger organizations and grow your business. Listen in to find out: The top things you can do to position your agency so that you can actually win business when you’re competing against other agencies (even those that are a lot larger than yours); What the larger corporate clients are looking for (this may surprise you… it REALLY surprised me); The single BIGGEST MISTAKE consultants and agency owners make during a pitch to a corporate client (or any client, for that matter), and what you can do to avoid it; A clever hack to infiltrate large organizations to grow your agency (how to be top of mind at the right moment); and How to use changes in leadership to your advantage to win more business and control your lead flow. BONUS TIP How to stand out in a pitching process (or anytime you’re making an offer!) Final thoughts For a service like Agency Spotter to work for you, you need a “shut-up and take my money” offer that potential clients can’t resist. One of the things we build with our clients at Hands-Off CEO™ is a Client Success Map. It’s a visual tool that sells a focused, outcome-oriented solution delivered by a proven process based on the power of 1s - 1 client; 1 painful problem; 1 powerful OUTCOME. With this tool, you can show your client that you understand their problem better than they do. With a rock-solid offer and a service like Agency Spotter to help you fill your pipeline with potential clients, you’ll be landing bigger clients than you ever thought possible. Add or claim your agency on Agency Spotter! Go to https://www.agencyspotter.com/addagency, you can search and see if your agency is already there, or to add your business. Every year, Agency Spotter has over 300,000 professionals looking for agencies. Start being found! Leave a review If you’re finding a lot of value from this podcast, please leave a review on iTunes!
51 minutes | 3 months ago
How to scale faster by funding growth with Lorne Greenfield
Lorne Greenfield was my guest on the podcast today. Lorne is the Founder of Capital Concepts LLC, his 21st startup company. A native of Montreal, Canada, Lorne holds a Bachelor’s Degree from the Massachusetts Institute of Technology and a Master’s Degree from Stanford University. For the past 20 years, Lorne has focused on ensuring companies experience the growth they desire. His passion is serving small to midsize businesses as an advocate. He helps them to understand the role of finance in their companies, and teaches them little-known tools and techniques to use finance in a strategic manner to greatly accelerate the pace of growth. Lorne is one of our Scale to Freedom™ tribe members. One of the reasons I wanted to have him on the podcast is because he is a passionate advocate for business owners to invest ahead of their companies. In this episode, Lorne and I talk about how consulting agencies can scale faster by strategically funding their growth. Find out: Why most businesses are looking at funding completely wrong. When it’s appropriate to secure financing. (This one actually surprised me.) What holds people back and what you need to know to confidently invest to grow a lot faster. What your options are, and what are the disadvantages. What funding should be used for, and what you should never use funding for. Lorne also talks about: His Irresistible Service that is high-value to clients, scalable, and is a lot more profitable. How he overcame concern about being able to make a bolder claim, and guarantee doubling gross and net profit for his clients. Final thoughts The biggest takeaway I had from my chat with Lorne is that any capital funding options should be directly applied to areas of the business that generate a ROI (think marketing or sales). When you’re using that capital to support you in selling a laser-focused offer (Irresistible Service Product™) to your ideal clients (those who will pay 50-200% more for your services) with a vision for the future (Client Success Map™), investing ahead can significantly contribute to building a REAL BUSINESS ASSET that buys you freedom for the long term. CapShots Check out CapShots, Lorne’s free business financial fortune quiz, at www.capshots.net. Leave a review If you’re finding a lot of value from this podcast, please leave a review on iTunes!
21 minutes | 3 months ago
The Top 5 Reasons Why Consulting Agencies Fail at Scaling
So you’re ready to scale your consulting agency. Business is good. You have lots of projects coming in. You’re profitable. Maybe you’re even thinking about hiring more staff to help you out. This is a pivotal time in your business. And there are common pitfalls that can keep you from scaling successfully. In today’s podcast episode, Mandi takes a deeper dive into the top 5 reasons consulting agencies fail at scaling. They are: Weak Vision - The vision needs to be strong enough to inspire the CEO to scale, and to inspire your team to care about your business as much as you do. Weak Offer - Your offer needs to be so incredibly valuable that your clients will do whatever it takes to get your support. Mindset - Making a bigger offer means making a bigger promise. And that can be uncomfortable. It means shifting your mindset, and doing the internal work to grow and expand as a leader. Responsibility - At the end of the day, everything that shows up in your business (your bills, your service, your staff, etc.) is your responsibility. You can try and shift blame, but at the end of the day, it’s your signature on the dotted line. Your results are your responsibility. Your growth is your responsibility. Fixing the Wrong Thing - If you focus on the wrong thing at the wrong time, it can lead you to being more and more trapped in the business. There’s a big difference between growing your business and scaling your business. Final thoughts There is a better way to scale that requires less of you. Employing simple, practical, and proven solutions to address these pitfalls can help you successfully scale your consulting agency, and create the business you’ve always wanted. If you’ve been listening to the podcast for a while, you’ll know that Mandi has been sharing bits and pieces of the roadmap she uses for Hands-Off CEO™ clients. But she’s never given away the keys to the castle for FREE before. On Wednesdays at 1pm Pacific, Mandi’s shares all five steps to the roadmap LIVE during our Executive Briefings! After Mandi covers the roadmap, she opens up to the floor for you to ask any questions you want about scaling your business. Because the Executive Briefings are small and intimate, you’ll get individualized attention and the opportunity to see what the roadmap could look like applied to your business. We’d love to have you! Join the waitlist for the next Executive Briefing at handsoffceo.com/briefing. Leave a review If you’re finding a lot of value from this podcast, please leave a review on iTunes!
60 minutes | 9 months ago
How to Profitably Hire and Train a Great Assistant to Scale Your Consulting Agency with Timothy Francis
Timothy Francis from Great Assistant was Mandi’s guest on the podcast today. Through his work as a private consultant, Tim noticed that entrepreneurs desperately needed help with the minutiae involved with running a business - they needed to get those administrative and operational tasks off their plate. Tim started Great Assistant to help entrepreneurs hire an assistant, retain them for years, and make them really profitable. Right out of the gate, Tim shared three amazing strategies to delegate better: Do not use email to delegate to anyone on your internal team - it’s a wasteland of distraction for both you and your assistant. Use Loom. It’s a free tool that you can use in your browser. It allows you to record your screen and narrate what you want done. We can delegate far more quickly, and be more clear about what we want done. Hire an assistant that fits you properly. Hands down, the best value for your dollar is to hire someone from the United States or Canada for $18-$22 per hour. The surgeon in the room Entrepreneurs should only be doing three jobs, similar to a surgeon in an operating room: strategy, high-level skill, and high-level access. A surgeon doesn’t book the surgery date, prepare the patient, clean the room beforehand, or prepare the paperwork. You can’t be in the CEO seat doing the high-level things you need to be doing if you’re constantly in reactivity mode. Always remember that you are your business's most valuable resource. When you hire a Great Assistant, you can see a ROI very quickly. There are people out there who can do what you’re doing better than you can. Administrative tasks require a very different skill set. Getting those tasks off your plate will not only free up time, but also mental and physical energy that you can use to meditate, exercise, innovate, strategize, and more. The quality triangle for hiring (aka #ShowerThoughts) We’ve all heard of the “quality triangle”. Good, fast, cheap…. You can only have two. In hiring, there’s a similar two of three scenario. The three points of the triangle are talent, compensation, and working conditions. Talent is non-negotiable, but working conditions is an area where you can be flexible. Try and hire someone to work a traditional 9-5, and you’ll be competing with large corporations, government, and other top employers for the best talent. Offer flexible hours and remote work, and all of a sudden you can compete for the talent you need at the price point you want. Your new employee is also more likely to be loyal, and give you that continuity of employment you’re looking for. Hiring and risk The real work happens at computers. Not in boardrooms or offices. The more time goes by, the more work is done virtually. When you’re hiring someone to work virtually, it’s about reducing that risk, Tim says. Big management mistakes It’s tempting to manage by abdication and just say “Get it done. GO!” This never works! Most people are terrible at delegating. But it’s an easy skill to learn with the right approach. Tim has this great free tool to show you how to do that. Download 360 Delegation for a 3 step process to delegatie the right way. Final thoughts Tim runs his business in the same way as we teach at Hands-Off CEO™. He has been able to scale his services profitably and sustainably because he sells only one thing, and he does that one thing really, REALLY well. The success rate of administrative assistants making an hourly wage is around 50%. Great Assistant has an 85% success rate at the 90 day mark, and 80% of assistants stay longer than a year. If you have an inbox full of opportunities, you really can’t wait. Book a Discovery Call with Great Assistant, and get yourself that person in place in the next 30 days. They’re so knowledgeable and confident in the service they offer that they will even tell you if you’re not ready for their services and offer you alternate options. They also have free tools to support you, including the 360 Delegation tool, and a Facebook group specifically for the Executive Entrepreneur. And, if you decide to use Tim’s services to find your Great Assistant, there’s a guarantee. For any reason, if you or your assistant choose to end the relationship within 90 days, Great Assistant will find you a replacement at no extra charge. Leave a review If you’re finding a lot of value from this podcast, please leave a review on iTunes! Hire yourself a Great Assistant! Tim built his company, Great Assistant, in the exact way we teach our clients in Scale to Freedom™ to scale services. I wanted to introduce you to Tim, because there’s so much synergy with what we offer at Hands-Off CEO™. The truth is, some CEOs may not be ready to work with Hands-Off CEO until they’ve hired that Great Assistant. The quality assistants they hire are the kinds of people we can develop into Operations Managers. If you don’t already have that person in place and need support finding them, Great Assistant is a fantastic option! They can hire and train a Great Assistant in as little as 30 days, guaranteed! Download the 360 Delegation tool, greatassistant.com/handsoffceo.
18 minutes | 10 months ago
How to Get Dramatically Better Results for Your Clients Without Extra Investment or New Skills
How do we get such great results for our clients? And how can you model what we're doing so that you can generate bigger results for YOUR clients? You become the very best in your industry by delivering better results. You’re able to charge fees that are at the top in your industry, and even create your own category - just by delivering incredible outcomes every single time. In this episode, I talk about the simple but powerful ways that help us supercharge results for our clients. You don’t need to invest extra money or learn new skills to get dramatically better results for your clients. From setting powerful intentions to charting a pathway to success to helping course correct to avoid failures - we can help you generate even bigger results for your clients.
20 minutes | 10 months ago
Service Innovation - BEING BETTER & The Impact on Profits and Business Valuation
Want bigger profits... Better results from your team... Higher paying clients... ? YOU must be better. On the podcast, I'll share with you 4 ways how you can innovate your service to make it more profitable, and easier to sell too. Being a Hands-Off CEO is about 100% responsibility as the leader. Letting go, and delegating ownership is the key to making more, as you work less. But it comes at a cost: your willingness to BE BETTER! And courageously go where others are too scared to. So that you can create the increased profits and lifestyle that few get to enjoy. We share 3 case studies where profits dramatically increase, and also how it impacts business valuation and exit value for your service business. Talked about on the podcast: [Madeleine's and Randy's testimonials.] ---------------------------------------- Use this as social media reuse. "Being a Hands-Off CEO is about 100% responsibility as the leader. Letting go, and delegating ownership is the key to making more, as you work less."
18 minutes | a year ago
3 Ways You Can Fail with Hiring an Operations Manager
Next to hiring salespeople, hiring an Operations Manager is the most difficult position to hire for. I'm going to share with you the three ways that we see CEO’s fail when hiring a Second in Command. And then how to get them right. Even if you find a great candidate, you won’t be able to retain them for long if you haven’t considered what we share in this episode. Here are the three main areas where CEO’s struggle or fail when hiring an Operations Manager: Your company isn’t ready. There’s no clear offer that you sell that’s profitable. You’re not sure who you’re selling it to, or how to reach them. If your cash flow is weak, or you don’t have a strong business foundation, you risk of failure is very high. You’re not ready. As the CEO and leader of the company, you need to be ready with a strong vision, leadership, and management skills. And a willingness to let go. You’re not screening for the right skills. You haven’t defined the hard skills (easy to train for) and soft skills (more difficult to train for) you’ll require for this position. And you haven’t considered the stage of business you’re in to find just the right person. In the podcast, I go into more detail on what to consider and how to get these things right when hiring your Second in Command. This is why we're able to guarantee results for our clients when we hire an Operations Manager because we know that we have these three things in place. And the likelihood of them having success with this position is very high. Would you like our support to hire and develop an Operations Manager who can get you our of the daily noise, and free you to grow 50-100% this next year? Reach out and let's have a conversation. We can give you some feedback on what you're doing right now with your Operations Manager and how you might be able to get better results for them. You can reach out to me at email@example.com. Or apply below for a complimentary Scalable Growth Diagnositic Session.
10 minutes | a year ago
How to Get your Sales Team to Perform Better (Even If It's You)
55 minutes | a year ago
Getting Past Stagnation to 35+% Growth Year Over Year with Shaun Buck
Shaun Buck owns The Newsletter Pro, based out of Boise, Idaho. It's now a 60+ member team and the nation’s largest custom print newsletter company. His $10MM marketing services company maintain aggressive growth because it can run without him for months. Shaun and The Newsletter Pro landed at No. 120 on the Inc. 500 Fastest Growing Companies list. And has collaborated with marketing guru Dan Kennedy to co-write the No B.S Guide to Maximum Referrals and Customer Retention.What I was so surprised about was that Shaun's company has gotten to 8 figures with 1 offer. In fact, eliminating 2 of their 3 offers is what freed up all the resources to double growth and hit $1MM 2 months later. You do NOT want to miss this episode. When to hire and how to know if you've waited too late. The stages they went through to scale to 8 figures. Where growth stagnated, what caused the stagnation, and how they got past it. The single biggest thing that they did to double growth in 2 months, and get to a $1MM in sales The biggest mistake business owners make with hiring. How to make sure you are growing fast enough as a leader to stay ahead of growth 18 months down the track.
12 minutes | a year ago
Are You Willing to Rock the Boat to Create the Business and Life you Love?
To have the level of success and freedom you want, you have to be willing to rock the boat. Often these breakdowns are such great gifts because it leads to powerfully choosing what we do want. “Pretty good” and “OK” are the biggest obstacles we have working with agency owners. They’re afraid to rock the boat to be able to actually have what they want. Are you willing to rock the boat to create the business and life you love?
33 minutes | a year ago
How an overworked consulting agency CEO went from $600K to over $3MM in 3 years
42 minutes | a year ago
From the Brink of Disaster to Multiple Profitable Hands-Off Businesses
I'm so excited to be sharing with you this episode with Tanya Korpi McLeod. She was a client that started with us about four years ago. We’re sharing her story of how it's come full circle, how she sold the business. She took someone in her 20’s that she had just hired. And developed this young leader so that within five months, she was able to run her company for a year without her when a personal tragedy happened (we share more details on podcast). Hands-Off CEO in Her Husband’s Businesses What's also interesting is that she took what she's learned from becoming a Hands-Off CEO in her marketing company, and applied it to her husband's businesses. Her husband was a real “Iron Fist” kind of leader - very hands-on. And this isn't a franchise business that you think should run completely without the owner, but there was something in place that had made it impossible for that to happen before. Tanya shares her story about how she was able to save all the very top employees that were about to quit with just one conversation. She increased the profitability of the company. It's 12 franchises now, that run completely without her - so now she's involved in a number of different businesses. And, this is all owed to the work with Hands-Off CEO. Not Sure This Can Work For You? Tanya’s advice to those who don’t think it’s possible: It is possible. It works and it works really well. You must think deeply about your business. Your business must serve you - not just with money - and if it doesn’t, your business is fundamentally unsustainable She started four years ago with Hands-Off CEO, where she got her company to run completely without her in five months, and made it rapidly more profitable in just a month. The Second Generation Hands-Off CEO And what's really special about her story too, is that the new CEO is actually now part of our tribe And she just made her first 6 figure sale! This comes from building other leaders. It’s just such an incredible story. I'm so excited to be sharing it with you. About Tanya Tanya Korpi Macleod is the founder of Minneapolis-based Macleod & Co. After more than 25 years of marketing and advertising experience in the U.S. and Europe, Tanya noticed the chasm that often exists between an organization’s theoretical marketing “plan” and its realistic ability to execute it. This led her to pioneer in the concept of “holistic marketing,” which redefines marketing as the complete process of bringing a product, service or company from inception to maximum ongoing profitability. Her mission is to show organizational leaders that a holistic mindset not only promotes a healthier culture, but a more profitable business. Resources https://www.mattleavittonline.com/ https://www.mattleavittonline.com/entrepreneurship-favors-the-prepared/ Other info: whatever works for you, Mandi. I'm eager to "give back" :) Leave a review If you’re finding a lot of value from this podcast, please leave a review on iTunes! CTA: The formula for scaling your service-based business Uncover 3 hidden barriers to creating more growth, Download the Ultimate Roadmap to Scaling Your Consulting Agency with less reliance on you as the CEO.
6 minutes | a year ago
How My McDonalds Job Led Me to Teach Agency Owners How to Double Profits and 4x Fees
I had to beg to be hired at McDonalds. Newly married, my husband was in a demanding program at school, and I had to get a job. I was willing to do whatever it took to bring an income for my family. This McDonalds wasn’t hiring at the time, but even with an associates degree and 2 years experience at another McDonalds I had to convince them to hire me. In this podcast, I talk about the lessons I learned. And how it applies to helping our clients dramatically increase fees and double profit (or more). Lesson 1: I don’t want to work with McDonalds ever again. Lesson 2: In order to scale your business, you have to have that kind of desire, you have to be willing to do whatever it takes, and start from the bottom up and build all the way up if you need to. Lesson 3: Systems help deliver a consistent experience. Lesson 4: 100% commitment is a minimum. Using These Lessons to Double Profits and 4X Fees My Agency 4X fee Guarantee Workshop is where I’m teaching agency owners to double their profits and 4X their Fees. Past participants have said it could have been a $5,000 course (it’s only $500). Another was able to double his fees within a week after the workshop. We’re talking 5 figures here, not just a couple hundred dollars.
41 minutes | a year ago
Optimizing and Innovating Systems with Kyle Racki
In today’s podcast, Kyle Racki, founder of Proposify.com shares how he spends his time optimizing and innovating systems while his team runs the business. Listen in as Kyle shares about the Four Hour Work Week, creating repeatable systems, Gary V. and Free Trials (and Tribulations). It’s Not about the Four Hour Work Week It's not that my business runs without me - it's that it CAN. If you're not running your business day-to-day, then you're probably not maximizing your opportunities. Design your business in such a way that it CAN operate without you. But at the same time, constantly work on the machine to keep optimizing. It's not about the four hour workweek, but instead, it’s having that freedom, that time and space to be able to be gone for weeks if you want to. But it’s also about having the opportunity to continue to innovate and optimize so you’re not leaving money on the table. If I Had It To Do Over Again: Creating a Repeatable System I’d ask myself: “why am I able to get results from my clients? What is it that I do - put that into a process or a system - that is actually repeatable?” Then, I’d hire people that are even more talented than me to work within that process. That way, I know our clients will get results and be well cared for. Then I’d put 80% or more of my efforts purely into sales and operations, innovating the systems. One Client, One Problem, One Outcome Offering one outcome, that solves one problem for one client is the simplest way to create a clear roadmap for marketing and service delivery. How painful the problem is, how valuable the outcome both determine how much you can charge for your service. The simplicity of this approach makes it that much easier to train your team to deliver. Proposify Client Takes on Gary V. Proposify simplifies and streamlines the proposal process, offering a better and interactive experience for you, your prospects and eventually your customers. Often CEO’s are so overwhelmed with work that they can’t actually get a proposal out fast enough. And then they’re losing business to their competitors because of it. One of our Proposify customers found themselves bidding against Gary V.’s agency - a kind of David and Goliath situation. But our client was able to send a proposal in about 20 minutes and Gary’s team asked for 2 weeks or something. Our client got the project. Moving From Doing to Managing Usually, new managers have to stumble and fail first - they have to overwork themselves. As CEO’s we have to give them the tools, systems, processes to create their own tools, systems, processes and hire their own people. Then lead them effectively. One of the biggest hurdles that for new managers is getting them to understand how to execute through others. Free Trials (and Tribulations) My new book - Free Trials (and Tribulations) - came out in January, and there's a personal story in there that's a little bit unique - about my upbringing and being raised in a cult and then leaving it. There was a lot of personal trauma that happened while trying to get Proposify off the ground. I guess I tried to write it as a form of therapy for myself. And also maybe for others to just realize, okay, you're not alone. Everybody looks to others. And everybody acts like they're killing it. But really, most people are dying on the inside. And so this is a “you're not alone,” cathartic read for most people - not all doom and gloom. Final thoughts We can only be as successful as we believe we can. Entrepreneurs I talk to tend to limit their vision according to what they think as possible, as opposed to what may feel impossible (but they're committed to do it anyway). It’s important to understand what drives you and constantly push yourself forward, not from a place of grind - but from a commitment to maximizing your potential. Leave a review If you’re finding a lot of value from this podcast, please leave a review on iTunes!
19 minutes | a year ago
How to 4X Agency Fees, Get Better Outcomes for Clients and Explode Profits
Are your clients so confident that you’re going to be able to get them the outcome that they want, that they don’t feel hardly any risk at all moving forward with you? When your clients feel you’re risky, you are likely leaving an enormous amount of money on the table. Follow what I share in this podcast to project solid confidence to your clients. And you can increase sales conversions and command higher fees. Qualifying Your Clients How much pain? How important is it them for them to actually make this happen in their company? Do they have everything needed in place to deliver an amazing result for them? You want to get your selling process to that point.You can qualify and work only with the very best type of clients. The most profitable, and the most enjoyable to work with. Lower Risk = Higher Fees A good guarantee lowers the risk for your client, which increases the fees they’re willing to pay for your services. If you’re not able to 4X your fees right now, then you haven’t earned the level of trust and confidence with your clients, so they won’t pay any more than they already are paying for your services right now. Averaging It Out When you are averaging out your clients results between your very best clients and your very worst clients, then you’re watering down the outcomes that you can actually get for your clients. Don’t be that guy who promises the moon and delivers a whole lot less than that. Make sure that you are doing what’s right for the client. Five Tips for Increasing Fees and Dramatically Increasing Profit Solve a bigger problem: To charge more, you just need to have a bigger problem to solve. Make a bigger promise: Make a bigger claim – not based on an average of your worst clients and your best clients. Eliminate the bottom, then target clients exactly like the top 20% of your clients. Go after the prospects for which you can create high six and seven figure results. Solve big problems for them and make a big promise, Be relentlessly choosy about your clients: When you respect the level of outcome you can get based on the different kinds of clients, then it allows you to do is be very choosy about your clients. You can reserve your limited bandwidth for the clients that are going to be the most profitable for you that you can really do your very best work for and be compensated. Target and hunt: When you have a really big long list of different clients that you can work with, then it makes it very easy to turn away the ones that aren’t the perfect fit. Then you can choose the ones that you can do your best work for, the most profitable types of clients, and the most joyful types of clients to work with. Anticipate failure points: Looking at everything that could go wrong in the service delivery, so that you can anticipate failure points and actually guarantee services. You and your team can have confidence that everything is going as it should. Final thoughts The rate that you’re charging right now is a representation of the level of confidence that you project to clients and the level of trust and confidence that you have, that you have actually earned with your clients. You’re wondering why you can’t charge more. I’m wondering why you’re getting price resistance from clients. Resources Jamie Birch Podcast Tom Shapiro Podcast Leave a review If you’re finding a lot of value from this podcast, please leave a review on iTunes!
44 minutes | a year ago
Taking Profit First With a Business that Runs Like Clockwork with Mike Michalowicz – Episode 201
Mike has a lot of great knowledge and expertise to share and does it in a very down to earth entertaining, engaging kind of way. He helps us really isolate the most important pieces in our business so that it can run without you. ProfitFirst: Reverse Engineering Profitability We’ve all been taught that profit comes last when managing your business finance: sales minus expenses equals profit. We even use phrases that indicates that profit comes last - profit = bottom line = year end. While logically, this makes sense, behaviorally it’s wrong. With ProfitFirst, we flip the formula: sales minus profit equals expenses. By doing this, we know that what's important is the growth of the organization through sales and the health of the organization. What’s left over after subtracting profits is available to provide for the expenses in the operations of the business. How do we do this? Every time a sale comes in, we immediately assign it specific responsibilities by moving it to five foundational accounts. It’s a form of reverse engineering profitability. How can we apply the principles of ProfitFirst to maximize productivity in addition to profitability? Consider Parkinson’s Law: work expands so as to fill the time available for its completion. When the resource (whether it’s time or money) expands in availability, it’s our human nature to consume more of the resource. To impact the productivity of your team: Amplify the amount of work responsibility they have (but be careful with this one) Hire part-time labor: part-timers often accomplish 8 hours of work within 3-4 hours and then recharge outside of their work time. And remember, for A-player employees, money is not always the primary motivator. What’s the most important leading indicator? First ask yourself: what’s the core function (QBR = Queen Bee Role) of the business and how well are we performing that function? Your measurement of how well you’re performing the QBR is your most important leading indicator. Once you know the QBR of your business, the owner needs to remove himself from that function while still keeping an eye on it. Thinking is the most important element of the CEO’s role. Aspire to be an extraordinary thinker. The true responsibilities of a CEO include the vision for the business and the organization of the resources. It really comes right down to your vision of what you want to create with your business. Speaking of Vision: Eradicating Entrepreneurial Poverty When an entrepreneur starts a business, friends and family often assume that you’re flush with cash and sitting on the beach somewhere. The reality is that you have no money and you’re working your tail off. So there's this gap I call entrepreneur poverty. I believe entrepreneurs deserve to be wildly successful and have all the time in the world. Because if we do that, we empower our employees, our communities, and our world to have that same experience. Do you suffer from the Superhero Syndrome? Often, business owners feel that you need to carry the business on their back - that the harder they work, the more the business will grow. And the funny thing is, for a very small business, that's actually true for a period of time. If you work harder and longer, you will generate more revenue and the business will grow. But at a certain point, we start getting diminishing returns. Because we are working so hard that we're exhausting ourselves, we're start making errors. We haven't built systems. If we get sick, the business dies. Let’s take Superman as an example. Our plan to protect ourselves on Earth is to ask Superman to help us. Yet, Superman is actually disabling the military and the police from protecting us. He's actually causing an unhealthy dependency I call the superhero syndrome. In addition, while the superheroes are saving the world, they’re causing mass destruction and leaving a wake of damage. In a similar way, we’re superheroes to our business. We swoop in and save the day, leaving a wake of damage behind us that our employees need to recover from. The goal of Clockwork is to defeat that superhero syndrome. Our work is NOT to be superheroes but to be a Super Visionary with clarity about the desired outcome and an ability to choreograph the resources to get there. The Super Visionary empowers the team to carry the load. How is Clockwork Different from The E-Myth? I spoke with Michael Gerber at a dinner recently, and shared with him that I think The E-Myth is a Bible for entrepreneurship. I explained though, that I had understood the book as describing the flipping a switch between working IN and working ON the business. I said, I don't think it's a switch. I think it's a throttle. (And then he said some choice words, but in a loving fun way.) We talked about Clockwork and how it shows you how to adjust the throttle in order to extract you from the business. We all often refer to our business as our “baby” - in a sense, a parent child relationship. I believe that's a fatally flawed analogy. I think it's conjoined twins. We start the business and we share a spinal stem, hearts and lungs, a soul. Therefore disconnecting from our business is a very slow, methodical surgical process. You can do it - they separate conjoined twins - but you need to very slowly separate in a throttling process. And that's what I explain in Clockwork. Someday... If you’re always running your business as if “we'll get there someday” it's never enough and you're running this ‘never enough’ pattern. Even when you have a multiple seven figure company that's very successful, very profitable, you're still not happy with it. It's not good enough. It will never be good enough. I think it's human nature. I never want to be satisfied in what keeps driving me on to the fulfillment of my ultimate vision. Radical entrepreneur poverty is so big for me that it energizes me every single day. It's such a big goal that I will get I get fulfillment of the pursuit of it. I am very energized, excited about the the that big mission and seeing momentum toward it. I get excited about my colleagues and others embracing it too, and seeing that become more than me. I don't see that as from any place of lack. You're you're growing it from this place of abundance and asking “how much more value can we add?” Two Kinds of Marketing You've done a really fantastic job of promoting your books, too. I've noticed you have you have hundreds of reviews, and they're all five star reviews and and that that goes to show that you're you're really good at marketing your business and your ideas. About 10 years ago, I said I'm going to I'm going to market this aggressively, not manipulatively, but aggressively. If someone is in need of entrepreneurial help, and they're looking at a program, another book or my book, and I truly, authentically believe that my book is the best to serve them. I have responsibility to shout from the rooftops “this will serve you.” That's why I market so much. And when you market a lot, then you can pick and choose who you want to work with. I believe there's persuasive marketing and manipulative marketing. The difference is very subtle, Persuasive marking is where a prospect is at point A, and their best interest is to go to point B, but they are terrified of this. We use persuasive tactics, motivation, and so forth to move into point B, knowing is truly in their best self interest. Manipulative marketing sees the prospect at point A, and moves them to point C, even though we know that this is not in their best interest. It’s intentionally to the advantage of the person selling but to the known disadvantage of the client. And that really gets me irritated! So I use persuasive techniques to move people to serve them, even if they're afraid of doing it. I have a responsibility to help them navigate that bridge. How do I get more of Mike? Visit MikeMotorbike.com (because no one can spell Michalowicz and it was my nickname in high school). Click on Get The Tools button to get free chapter downloads. I'm a podcaster and a blogger too. If you want to reach me, go to the same website, MikeMotorbike.com, click on Contact, and you can reach my team or myself directly. Leave a review If you’re finding a lot of value from this podcast, please leave a review on iTunes! CTA: The formula for scaling your service-based business Get your five-step roadmap to freeing up 10 extra hours here, so you can grow your company and run a hands-off business! Find Mike: https://www.facebook.com/MikeMichalowiczFanPage/ https://twitter.com/MikeMichalowicz https://www.instagram.com/mikemichalowicz/ https://MikeMichalowicz.com
47 minutes | 2 years ago
JEB Commerce CEO Jamie Birch Talks Business Growth Hands Off CEO Style EP: 17
JEB Commerce helps retailers in the beauty, skincare, travel outdoor and gear and fitness categories generate 10 million dollars within 3 years through their affiliate channel. They use affiliate marketing to augment their customer acquisition model beyond their traditional retail sales. They help them generate revenue they wouldn’t have gotten any other way which is different than what some other types of affiliates offer. They developed a bench-marking tool on their site that demonstrates this for any retailer who wants to learn how much they can potentially earn with affiliate marketing strategies. Case Study: Menswear Company – we instituted a program to save them 100K in commissions in a year buy using technology to track sales that weren’t truly affiliate-qualified. It was pure profit plus they saw an increase in sales. Key insights: You have to know what to spend your time on, and what to avoid. You can’t chase every single lead that shows up. There is an opportunity cost, so every client that’s not right for you takes you away from bringing in the ideal client. Part of the success in scaling the company is in the efficiency of staying focused and aligned. That’s also how he has continued to get great results for clients. Jamie shares a key element of success is matching the passion of account managers with the retailers they work with. Get the 4 categories for identifying clients that you know you can work with successfully. Learn the 2 things that can hinder a client from reaching their goals. It’s something JEBCommerce helps clients move past so they can begin seeing increased revenue. Jamie shares how having the right people has made all the difference is being able to move away from dealing with the daily aspects of running the business. He also realized that he had to empower his team and be the leader they wanted to follow and support. Jamie shares his stress test story. His team was able to take care of everything when an unanticipated circumstance required him to be away from his business. He explains how that impacts the future. Changes and collaborations happened, even when he couldn’t be there. Decisive leader Trusting the process Delegating a big list to your team Mobilized our team and empowered them to own how to get things done Hear how Jamie realized that many of his projects weren’t profitable. They had used data that wasn’t correct. Jamie went from not wanting to know because it might not reflect well on him to where he is now. Hear how he made the shift and how you can implement this for your business. Find out how Jamie learned the benefits of being a process driven company. How do you get 20 years of experience one person has in the business into part of our company knowledge base? They had to figure out a way to do that – and it’s an strategy anyone can implement. Jamie also shares how he has learned to make best hires and the importance of the company culture. Jamie shares 4 key things he’s learned about becoming a hands-off CEO and the 4 things you need to do to thrive as an entrepreneur. This can make a huge impact for your business too. Jebcommerce.com How to not get Ripped off by affiiates - Get the Guide
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