Identifying the Tools & Resources to Execute Your Sales Gameplan
You Need the Right Tools / Resources to Execute Your Sales Goals
In today’s episode: We discuss how to identify the tools and resources you need to put your gameplan in motion to get your small business profits to $100,000. This is our 7th step to increasing your profits from the free ebook: 8 Steps to Increasing Your Profits in Your Local Small Business
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Episode 98: Identifying the Tools & Resources to Execute Your Sales Gameplan
Welcome back to the Local Small Business Coach Podcast. I am your coach, Tammy Adams.
Today we are going to take a look at step 7 of our 8 steps to getting your small business to $100,000 in profits.
Hey everyone, welcome back to another episode of the local small business coach podcast. I am so excited that we are so darn close to hitting our 100th episode. Yes, Friday’s episode will be the fun milestone. Don’t forget to hit subscribe so you don't miss it.
As you know, we have spending the last couple of weeks diving in deeper into the eight steps to getting your local small business to $100,000 in profits. So far we have identified a bunch of sales ideas that you can do within your business to drive more sales. As you know, in order to get more profits, it all starts with you getting more sales. Hopefully you have now narrowed down those ideas into the core ones that you want to try to work on this year.
HAVE YOU KEPT YOUR I CAN’T HAT OFF?
Also by now, you should have spent time diving in deeper, into the various different types of expenses that you can trim up as well as some ideas on cutting your product costs down. Then in our last episode, we actually spent some time talking about different processes that are possibly broken within your company and how you need to fix them. Remember, broken processes often will cost you sales and profits. So it's important that you deal with any broken processes in your small business.
Hopefully as you have been putting your ideas together, you have kept your “I Can’t Hat” off. I told you this so you didn’t limit the possibilities and you were open to ideas you might not have had before. Odds are, you have all of these different ideas swimming in your head.
In today’s step 7, we will now work on the tools and resources you need to make them happen. You see, the problem with wearing an “I can't hat” is, we immediately start talking ourselves out of what it is that we want to accomplish because all we can think of are the reasons why we can’t do them.
You might think, I don't have the people, I don't have the time, I don't have the resources, I don't have the money, I can’t because, I can’t because. Just a lot of excuses as to why not.
This “I can't mentality” oftentimes prevents us from having the ability to accomplish the amazing things we are capable of. This is why I wanted you to come up with a really good list of what it is that you wanted to accomplish. Now we can focus on what it will take to make these ideas happen.
LOOK IN YOUR BUCKETS – RESOURCES / TOOLS NEEDED
Hopefully you have put your ideas into buckets. The things you can execute immediately, those over the next 3 – 6 month, those in the first year and those that might be in a year or more.
The next step is to ask yourself what tools and resources you will need to accomplish these goals. Do you need more people? Do you need to hire temp person? Or maybe an outside service? Will you need more money? Is there a program or piece of equipment you need to buy? You want to walk through each item and identify what is needed.
An example I have used on several occasions has to do with your bookkeeping. Lot of times we are horrible at bookkeeping. After all, that's not what we do, we love the excitement of the service we provide, not doing some bookkeeping task that tends to take time and energy away from us. And if you are a one person band, you don't have someone that you can rely on to do it for you. So if this is a process that you would like to make strong so you can gain back time to spend selling, then you need a “People” resource. Identify who's the best resource. Maybe that resources is a spouse or other family member or even a friend. Heck, teach one of your kids. Or you may have to bite the bullet and actually hire someone.
OFFSET YOUR COSTS WITH SALES
Now your first thought on hiring someone to do your bookkeeping might be that you don't have the money to hire someone. Let’s say it takes $15 an hour to pay someone to come to your books for 10 hours a week. So, you are looking at $150 a week to cover this cost. Now think about what sales you could generate in those same 10 hours if you were focused on selling vs bookkeeping? Odds are you can create more than $150 in profit to offset this cost. More than likely you can bring in $50 – $60 or even $100 an hour. If this is the case, then yes you absolutely can replace yourself within this task.
If you know that in order for you to drive more sales you need to have a better scheduling system in place, you might find that you need to get a scheduling system. There are all kinds you can either download to your computer or even an online system you can do from any computer or phone. Now this scheduling system might be so your customers can schedule themselves or maybe it is more an internal calendaring system so that way you can organize your customers better. For example you can set aside certain days to cover certain areas.
So what does this have to do with resources need? By organizing your time and schedule, you can pick up more job due to no longer wasting time on backtracking. By being more organized, you might pick up a job or two a week. If the scheduling system costs you say, $50 a month, with these extra 4-8 jobs, you should make enough to cover this cost.
As you can see, a lot of your additional costs for the needed resources can be offset by the extra jobs you will pick up. You just need to figure out what you need in sales to offset that cost.
START SMALL AND BUILD
So, what are you to do, when the cost is much higher than what you can afford today. Let’s use your website as an example. You can build a great website by learning what you can online or from others and then working on it a couple hours a week. You can actually create a pretty decent website. But what do you do when you want to maximize your SEO and some other behind-the-scenes stuff?
Maybe now is the time that you need to bring in the big guns and pay for a specialist to go behind the scenes and do it for you. I’m dealing with this challenge at this moment in my real estate business. I have built a pretty darn good website by myself but I need to speed it up and tweak a few things so I may have to bite the bullet and pay someone to go behind the scenes and do that clean up versus me spending hours and hours trying to learn how to find where the holes are that are slowing me down. But I know this might cost a couple thousand.
So, what are you supposed to do if you do not have the funds at the moment? In some cases, you may have to put something off temporarily, but you still need to put a plan in place to make this happen sooner than later. For example, if you know you need $500 to purchase something, like say a tool or other piece of equipment that you know is going to help you double your sales but you don't have that $500 right now. So, you must put yourself on a savings plan just like you would in your personal life. Maybe save $50 a month towards this purchase. Then in the next 10 months you will be able to purchase it.
You notice I did not say go into debt for this purchase. I am not a fan for going into debt to buy stuff. Way too much risk. You are much better off bootstrapping your way through each level of your business. You are better off driving your business, saving money, expanding, slow down and repeat. Trust me, you do not want to start each month in a deeper hole where you are constantly having to dig out of all the time.
You might find that your goal is to save $50 a month but you get over aggressive about it and you're able to save $100 a month instead. Now you've got enough money in 5 months versus the original 10. Trust me, when we have a desire for something, we will find ways to do it and you might find that as you work on the easier profit savings creating items that you're able to bring home more money every month and that lets you save faster for these other items for your next goals.
DON’T BE A VICTIM OF YOUR OWN SUCCESS
Which brings me to a word of caution when it comes to equipment. A lot of business owners become a victim of their own success. I've talked about this in the past where I warned people not to become a victim of their success. This happens when you are doing so well that you start to fall behind on taking care of your current base of customers. You grow too fast and you can't keep up with that business.
Sometimes buying equipment that can double your sales can be good and bad. It can be a very dangerous thing, because if you don't have the right processes in place, doubling your sales is only going to kill you. So, don't be in such a rush to double those sales unless you have the resources in place to make it seamless. You want to make sure that you have steady growth that you can keep up with.
GREAT, BUT I STILL NEED MORE TIME!
Alright so far, we have talked about your people resources and we have talked about your money resources. Now it's time to talk about the hardest resource of all, your time resource.
Listen I wish I could stretch your day to give you more time, but the problem is, we all have the same 1440 minutes in any given day. And if one of your challenges is finding the time needed to accomplish any of your goals, then have to make sure you realize that the time resource is really a Catch-22. You don’t have the time to do what you need, but you will have the time if you would fix the process that is taking up all of your time. After all, the reason you don't have time is usually because of the poor processes you have in place and need to desperately to fix.
Let's say you are looking at one of your broken processes and you realize that if you could fix it, you would gain about 5 hours a week. The problem is, you just don’t have the time to work on it. Here is where it is ironic, the very thing you need, you don’t have.
But guess what, you need to suck it up buttercup, you need find a few hours in your week to work on this. You can’t ignore it any longer. You need that 5 hours a week. Think about it, by sacrificing 4-5 hours to fix it, you gain not only 5 hours a week but it is giving you back 260 hours a year. That is 260 hours you can work further on your business or out driving more sales.
What if you stayed each night for an extra hour for the entire week to knock out the process. Maybe you take one less job and spend that time fixing it. Will it suck to lose that sale? Hell ya, but by gaining those hours back and fixing that process you actually can take on more jobs going forward. So, the loss of one job actually gains you multiple jobs going forward.
So, the key to finding more time is, you're going to have to borrow time from somewhere else to fix the time problem you have in some of your processes.
COMPUTER OR ONLINE RESOURCES
So, we have discussed, people, money & time resources. I want to talk about one more critical resource you need to look at. Those are computer or online resources.
Let’s face it, technology is creating some great resources for your business all the time.
You want to make sure you are taking advantage of those that will help your business tremendously. Now, I’m not talking about “toys” or fun things for the sake of having them. I’m talking about things that really do streamline your business processes or help get jobs done quicker and more efficiently.
I’ve shared a few of these before. Online, cloud accounting. Check out Freshbooks or Quickbooks. We discussed using online or computer scheduling systems. Take advantage or Office Products like Word, or Excel spreadsheet for taking stuff. Some of your businesses have some great programs you can get. Do your homework and make sure you get a huge return on investment. You might be surprised what it out there.
SO, WHAT RESOURCES DO YOU NEED FOR YOUR SMALL BUSINESS?
Ok, time to wrap this puppy up. Don’t forget to go through each of the items that you have identified in our earlier steps. Your sales ideas, product cost ideas, expenses, and processes. Then make sure to identify what are the tools, what are the resources, that you need to be able to accomplish them. Remember, stick to your buckets and prioritize them. Make smart, strategic decisions.
With that, we are heading into our last step, #8. Probably the most important step to you achieving all of your sales and profit goals.
And as we wrap up this episode I want you to know, that I realize being a local small business owner can be a lonely gig at times. But you don’t have to do it alone. Just know, I’m always here for you.
By the way, If you like what we are taking about, then make sure to subscribe to the podcast so you don’t miss an episode, if you love the podcast and what we are talking about, then please leave a 5 star review so other local small business owners know this is a podcast that they can’t miss.
Meanwhile, I wish you the best in your business and remember: Great Customer Service, coupled with Great business practices will set you on the path to Great Profits!
Bye for now…..
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Don’t forget, if you are looking to take your local small business to $100,000 in profit, head on over to LocalSmallBusinessCoach.com/8steps to download the free ebook & workbook called: 8 Steps Local Small Business Owners Need to Take to Make $100,000 in Profit. Where I’ll walk you through how to double or triple your current profit level.
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See you on the next episode!
Two Great Books to Help You With Your Small Business:
Highly Recommend all Local Small Business Owners Read the eMyth by Micheal Gerber. You will learn some critical things about running your business.
The second book is one I wrote based off a popular example I always use when folks are trying to understand their role as a leader with their people. Check it out.
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