VIEWS: 105 PAGES: 25 CATEGORY: Entrepreneurship & Business Planning POSTED ON: 5/19/2009
These short lessons are going to get right to the heart of what’s important right now. So, in that spirit, let’s dig in right now and not waste any time getting started.
These short lessons are going to get right to the heart of what’s important right now. So, in that spirit, let’s dig in right now and not waste any time getting started.
simple•ology® Intensive 7 Day Business Turnaround Kit by Mark Joyner Virtuosity Book v.101 http://www.simpleology.com This book is intended to be distributed as part of simple•ology Intensive: 7 Day Business Turnaround Kit to authorized members only. It must be used in conjunction with the simple•ology Course Checklist. Distribution is prohibited. If you wish to share this document with someone, please direct them to www.simpleology.com and ask them to sign up for a free account. DISCLAIMER: The information contained in this course does not replace the advice of your accountant or lawyer. Our company does not warrant or guarantee the use of, or the results of the use of, the information, principles, instructions, materials and/or services contained in this course. The entire risk as to the results and performance of this course are assumed by you. Contents Page DAY 1................................................................................................................................... 3 Grab Your Gut, Stare Down Reality, Map the Road Ahead ...................................... 3 DAY 2 .................................................................................................................................. 6 The Fist Comes Down ................................................................................................ 6 DAY 3 ................................................................................................................................ 10 Cash Injection Basics ............................................................................................... 10 DAY 4 ................................................................................................................................. 13 Money Out of Thin Air with Existing Resources ...................................................... 13 DAY 5 ................................................................................................................................. 16 Quick New Products From Thin Air ......................................................................... 16 DAY 6 ................................................................................................................................. 19 Last Ditch Cash Injection Tactics ............................................................................. 19 DAY 7 ................................................................................................................................ 22 What’s Next?............................................................................................................ 22 Copyright © 2007 Mark Joyner, Inc. This document is part of simple•ology Intensive: 7 Day Business Turnaround Kit http://www.simpleology.com 2 Day 1 Grab Your Gut, Stare Down Reality, Map the Road Ahead As we said in the QuickStart Video, get ready to spend at least several hours each day on this process. This is an *intensive* course meaning that we assume you are in crisis mode. If that’s the case, nothing is more important than what you’re about to do, so give this your top priority and your full attention. These short lessons are going to get right to the heart of what’s important right now. So, in that spirit, let’s dig in right now and not waste any time getting started. First, let’s understand what a business turnaround is. Your business is clearly not going in the right direction or you wouldn’t be here. Most likely, this means you are in a cash crisis. Your business is probably “bleeding” cash – and you may be in dire need of some funds to give yourself some “breathing room” and to comfortably reorganize for growth. To experience a business turnaround you need to: 1. Stop the Time Bleeding (a) Stop wasting your time on things that are not important. (b) Stop wandering around unclear and distracted. 2. Stop the Cash Bleeding of Your Business (a) Cut unnecessary expenditures. (b) Stop paying too much for the services you need. 3. Stop the Stress (a) (b) (c) (d) 4. Get clarity on where you are and where you need to go. Deal with creditors, family, and bills. Face facts. Be honest with yourself. Orchestrate a Cash Injection to Give Yourself “Breathing Room” (a) Learn cash injection tactics. (b) Develop a plan (or several). (c) Execute those plans with zeal. Copyright © 2007 Mark Joyner, Inc. This document is part of simple•ology Intensive: 7 Day Business Turnaround Kit http://www.simpleology.com 3 5. Refocus on Long Term Business Growth Planning We’ll look at each of these in more detail over the next 7 days and even walk through these things together. But first, we need to … Get Your Head in the Game In order to get the most out of anything you do, you really need to put your heart into it. That won’t happen unless you’re extremely clear about why something is important to you. So, in your Course Checklist, you have some questions to answer about yourself and your loved one. This is extremely important. It may seem like an unnecessary step, but it’s not at all. By reaching deep into your gut and facing what this will mean for you, you will know exactly why you need to take action to turn your business around. Getting your head into the game also comes from reducing or eliminating the impact of various stressors you are probably experiencing right now. Stress comes from uncertainty. It’s likely that you are uncertain about your future, uncertain about where you are right now, uncertain about how to resolve your situation … This uncertainty comes directly from a lack of clarity. When we can see and understand something there is no way we can be uncertain of it. So, if stress comes from uncertainty, and uncertainty comes from a lack of clarity… What do we do next? The rest of Day 1’s exercises will give you crystal clarity about where you are right now. Only when you have complete clarity on your situation can you begin to resolve it. This step is so important that you’ll devote an entire day to it today. Copyright © 2007 Mark Joyner, Inc. This document is part of simple•ology Intensive: 7 Day Business Turnaround Kit http://www.simpleology.com 4 There are a great many other things you need to be clear on about your business to make it successful (for example, your core strategy, your mission, your identity), but focusing on these things now while you’re in a cash flow jam would be folly. In a moment you’ll begin analyzing your cash flow and determining whether or not an expense is necessary. An easy guide for this is to question whether or not it is giving you a return. ROI – or “return on investment” is the name of the game in business. If you are investing in something that does not generate a return you are simply throwing away your money. Here are some examples: Maybe you are paying for advertising that is not bringing in any direct sales. Maybe you joined a business club that is dinging your credit card every month, but you never use it. Maybe you have a bigger office space than you really need. Maybe you have an employee that is unproductive but that you’ve been reluctant to fire out of the goodness of your heart (that’s not good for you, or the employee, by the way). It’s time to get clear and honest about what is giving you a return and what is not in your business. So go print out your Course Checklist and follow the step by step instructions there right now! Tomorrow, we’ll take action on the clarity you will gain today. Side Note: If you are part of an organization that is larger than a one-person operation, then it may be appropriate to get other people involved for assistance and ideas. However, remember that there is no time for leadership-by committee here. You are in a dogfight. It’s a race for the life of your business. Make sure that the buck stops with you and that there isn’t too much deliberation spent on certain things. Make fast decisions and move forward. Copyright © 2007 Mark Joyner, Inc. This document is part of simple•ology Intensive: 7 Day Business Turnaround Kit http://www.simpleology.com 5 Day 2 The Fist Comes Down Day 1 was about getting clarity, today is all about action. Today is the day where you take some immediate action to make some radical changes in your business. It’s time to quickly and decisively remove the things that have been sucking the life out of your company. First, let’s remove a myth that may be holding you back … Some may think it’s “not nice” to fire an unproductive staff member, or to close out a contract with a vendor that is sucking you dry. Paying an employee or a vendor for services that you don’t need doesn’t serve you, and it doesn’t serve them either. Businesses that make decisions like that don’t stay in business long. In fact, you’re actually doing an unproductive employee a disservice by keeping them on. You’re reinforcing unhealthy behavior on their part and rendering them unemployable in the future. It’s better to help them learn the hard lessons now and move on with your life. The same is true with any vendors you may have. Heck, some of them may be your friends. If that’s true, then your friendship should be able to stand your decision to stop using their services. OK, have you put on your thick skin? Good. Let’s dive in. First, it’s important to understand that business is all about input and output. Copyright © 2007 Mark Joyner, Inc. This document is part of simple•ology Intensive: 7 Day Business Turnaround Kit http://www.simpleology.com 6 To make a business profitable, one must simply get more out of their business than they are putting in. Obviously, some investment of time, energy, and money is required to make a business work. However, sometimes we invest time, energy, and money unwisely in our business and get very little in return for it. If you are doing this, in a sense, your company is “bleeding.” The first essential step you must take to restore the health of a company is to stop the bleeding. You must stop the bleeding of unnecessary expenditure and you must stop the bleeding of unnecessary time and energy. The natural reaction of most businesses when faced with a cash flow crunch is to try to generate more revenue. This is important, but if you focus on this without stopping the bleeding in your company you are only making your job that much more difficult. In today’s checklist you have a number of tasks that you must perform in order to stop the bleeding in your business. You identified those items on Day 1, now’s the time to act on them. In particular, you’ll be contacting your creditors to renegotiate, reorganize or reduce your debts. If you owe money (and chances are you do) but can’t pay, it’s time to come clean. Now, there’s two ways you can do this: 1. You can contact your creditors yourself; or 2. You can use the services of a Debt Restructuring company. Dealing with Creditors Yourself It is absolutely vital that the people you owe money to understand your current situation. Be warned: telling someone that you can’t pay their bill is not going to be welcome news –after all, they are in business just like you, and will want the money they are owed. However, chances are, because they also run a business, they will understand your situation. Moreover, they know they’re not going to get any money out of you if you go bankrupt, so it’s in their interests to assist you. 7 Copyright © 2007 Mark Joyner, Inc. This document is part of simple•ology Intensive: 7 Day Business Turnaround Kit http://www.simpleology.com The best method is to be honest about your situation and assure the other person that you will do everything you can to honor their account. If you can demonstrate a willingness to put things right, and honor your agreement with them (even if it means a delayed and re-negotiated payment), the more likely they will assist you with achieving that, and continue to do business with you in the future. To make this easy for you we’ve provided a collection of worksheets and templates to address a range of various situations that you may face. Debt Restructuring Services Negotiating with your creditors can be a real hassle. If you put yourself in the hands of an experienced Debt Restructuring Firm, they can approach the matter with a lot more legal leverage. Here’s what happens: You sign a document that allows them to have all legal rights to your assets. If another creditor wants to get to you, they have to go through this company first before they can get to you. It’s very frustrating for your creditors as it means they have to now negotiate with this company for a settlement – which can be done at pennies on the dollar in some cases. You shouldn’t feel too bad about this. I mean, your creditor should be happy you didn’t file bankruptcy! They would have received nothing if you had, so they should at least give you credit for not fleeing from your bills. The company doing your Restructuring will require some kind of monthly obligation from you, but this is a matter of negotiation with them. The nice thing is, once the deal is set, you never have to talk to your creditors again about late bills. Obviously if you have a relationship with a creditor, you’ll want to smooth things over with them if you can. Just explain to them the tough situation you are in and that you’re trying to find a way out without having to declare bankruptcy and shirk your obligations. Now, one of the disadvantages of using a Debt Restructuring company is that restructuring can cause your credit to take a hit if your creditors are sore about it (and some will be). But it will be nothing compared to the hit you’ll take from a bankruptcy (which makes you a credit pariah for about 10 years). One Debt Restructuring company I recommend is: 8 Copyright © 2007 Mark Joyner, Inc. This document is part of simple•ology Intensive: 7 Day Business Turnaround Kit http://www.simpleology.com Commercial Credit Counseling Services, Inc. They can be found at: www.CorporateTurnaround.com ……………………………………………….. Once you have done all of this, the very last step of the day will be to recalculate your new monthly operating expenses. If you’ve done this process correctly, this figure should be greatly reduced. By the end of today you’ll have gained clarity on your current situation and you’ll have reduced your stress load. You can now focus clearly on the days ahead. The next phase will have you concentrating completely on selling yourself out of this crunch and injecting your business with enough cash to put yourself into a situation where radical reorganization is possible. Your goal is to earn at least two times your monthly expenses within the next 5 days so that you will have enough breathing room to restructure your company for the long term. Copyright © 2007 Mark Joyner, Inc. This document is part of simple•ology Intensive: 7 Day Business Turnaround Kit http://www.simpleology.com 9 Day 3 Cash Injection Basics Your target for the next 5 days will be to orchestrate a cash injection for your business. The purpose of this is to create “breathing room” so you can make more serious changes to your business for long term growth. Take the figure you discovered as “New Monthly Operating Expenses” … Multiply that figure by two. That is now your “Cash Injection Target.” Cash Injection Target = (New Monthly Operating Expenses) x (2) The idea of this course is to generate enough money through the Cash Injection process to cover your operating expenses for at least two full months. Again, a cash crisis causes great stress and it’s very difficult to make good decisions while under stress. The idea of these 7 days is to get you poised for more long term restructuring of your business. That’s going to take a lot of hard thinking and planning, so doing that with the added stress of a cash flow crisis is too much for most to endure. Let’s continue to turn that situation around for you. Over the last two days we greatly reduced your operating expenses. It’s possible that you may now be making enough money to survive just from the normal level of sales you are making now. Whether this is the case or not, creating a cash injection will give you a certain amount of freedom. You’ll know that no matter what happens over the next 60 days your expenses will be covered. Once you do this, the temptation may be to rest on your laurels. Well, before you do that, remember that those 60 days will be over faster than you think and that you need to set yourself up for stability after that period is over. But we’re not at that point yet – let’s focus on the task at hand. First, let’s take a look at how the cash injection process works … It’s quite simple, really. Copyright © 2007 Mark Joyner, Inc. This document is part of simple•ology Intensive: 7 Day Business Turnaround Kit http://www.simpleology.com 10 Rather than investing money into a risky new endeavor, you’ll be leveraging your time and energy into selling existing products through creative measures, or possibly even creating quick new products out of thin air for very little cost. The idea here will be to select at least one, but hopefully several, cash injection tactics based on the principles you’ll be learning over the next few days and execute them with passion. Now this may sound like “the impossible” to you, but let me assure you now that it’s not. In fact, allow me to bust a few common myths: Myth #1: Only a Marketing Genius Can Bring in Fast Cash to a Company Let me assure you that some of the richest people I know are simply not all that bright. Similarly, most of the real geniuses I know are so dysfunctional that they couldn’t sell their way out of a paper bag if their grandmother’s life depended on it. It doesn’t take genius: it takes enthusiasm and relentless focus on simple ideas that work. You’ll have a ton of simple ideas that work by the end of this process. Myth #2: These Ideas Sound Great, but I’m Not Creative Enough to Apply Them for Myself If you’ve already seen the videos from our guest experts you’ll know that there are some “crazy good” ideas in there. In fact, many of them have been explained so clearly that you’ll be able to implement them right out of the box with just a little bit of thinking. If you want to get your creative juices flowing, we’ve created another few worksheets you can use that will give you so much confidence in your creative skills that … You’ll never be short on ideas again – for the rest of your life! Myth #3: I Don’t Have Time To Do Any Of These Things; I’m Too Busy If you think you are too busy keeping up with the day-to-day tasks that come with running your business to do anything else, then ask yourself: Is everything I am doing absolutely necessary? Or am I just preoccupied with “busywork?” 11 Copyright © 2007 Mark Joyner, Inc. This document is part of simple•ology Intensive: 7 Day Business Turnaround Kit http://www.simpleology.com Go over your worksheet on Time Bleeding again to see how much time you lose on non-essential tasks. ………………… Again, at some point over the next 4 days you must choose at least one, but hopefully several, of the tactics you are about to learn and execute them with passion. No one is going to do this for you. There is no reason to delay. Go back now and review what you wrote down on Day 1 … Remember we asked you to get in touch with what this would mean for you when you succeed? Now, go back to finish the rest of the Day 3 items with extreme zeal. You may just discover by the end of today that there are more possibilities sitting right under your nose than you realized … Copyright © 2007 Mark Joyner, Inc. This document is part of simple•ology Intensive: 7 Day Business Turnaround Kit http://www.simpleology.com 12 Day 4 Money Out of Thin Air with Existing Resources You may not realize it, but I can guarantee that you have money sitting right under your nose. I don’t care who you are. I don’t care what kind of business you own. You have underutilized assets sitting right under your nose that can be turned into cold hard cash in days, or even hours. No matter what your business is, you should have no trouble using at least a few of the tactics taught here and in your coaching videos. Now, it will be really easy at this point to be overcome by “paralysis by analysis.” That is, you can become so overwhelmed by so many options, or be so stuck with indecision, that you prevent yourself from acting. You need to nip that in the bud right now. Take notes today while you go through the training and put stars around any ideas you generate. At the end of the training you’ll immediately begin work to execute on at least one of these ideas. OK, with that said, strap yourself in. You’re about to get a crash course in “making cash from thin air” … What follows are just a few general approaches you can try. Your coaching videos have more … 1. Fire Sales When retail businesses are burned down, they sometimes have “fire sales” selling damaged goods en masse in order to try to generate funds to recover from the fire and get their business back on track. Some people might feel too proud to do this, but you shouldn’t feel even the slightest hesitation in doing this. There is NOTHING more noble than to use honest ingenious ways to pull yourself out of a tough situation. You can use the fire sale approach even if you haven’t had a fire. Any old catastrophe will do. Even the one you’re in right now. To get some more ideas about this see the video from “Million Dollar” Mike Morgan that comes with this course. Mike gives you some specific real-world tactics there that you can immediately apply. Copyright © 2007 Mark Joyner, Inc. This document is part of simple•ology Intensive: 7 Day Business Turnaround Kit http://www.simpleology.com 13 2. Referral Contests Referral Contests are a great way of mobilizing your existing customer base to bring in new business for you. All you need is: (a) (b) (c) A list of existing customers and their contact details. A prize to offer the “winners” of the contest. A good incentive your contestants can use to bring people in the door. Now, you can structure this in a number of ways. Here’s just one example: If you were in a hair salon you could tell your customers to bring in all of their friends for a free sample of a new shampoo you have. Whoever brings in the most gets free hair styling for a year! Of course when their friends come in, you can upsell them (politely without being pushy) on a special deal for good products. A good “one day only” deal with enough benefit to make it “irresistible” should do the trick. This is great because it’s honest and fun. Your contestants aren’t selling anything – they’re just bringing people in for free samples. 3. Joint Venture Contests A Joint Venture Contest pits your affiliates or promoters against each other in a friendly competition. Joint Venture Contests operate using the same mechanics mentioned above for Referral Contests – in this case, the affiliate or promoter that sells the most gets a prize. Tip: For Referral and Joint Venture Contests – or any contest in general– it’s best to have multiple incentives. Structure the contest in such a way that there’s a guaranteed prize for simply doing the intended behavior (referring 1 friend automatically entitles you to a gift certificate, for example) and then add one or both of the following: 1) an incentive based on performance – for example, referring more friends entitles you to more gift certificates; and 2) a “lottery” or grand prize incentive – every person that refers at least 1 person goes into the draw to win the “Uber Package” The more people you refer, the more chances you’ll have to win the Grand Prize. The reason for this is some people are motivated by a guaranteed incentive (i.e. 14 Copyright © 2007 Mark Joyner, Inc. This document is part of simple•ology Intensive: 7 Day Business Turnaround Kit http://www.simpleology.com doing X will get you Y) while others are motivated by the chance of winning a big payoff. Having multiple incentives gives you the best chance of attracting the most number of participants. 4. Special Offers You can get an instant sales boost by making a Special Offer for your existing products. You can do this by offering discounts, two-for-one deals, etc. To further stimulate sales, you can promote a sense of urgency by letting your customers know that the Special Offer will only be available for a limited time. Just make sure that your products really give the customers a good return on their investment or this tactic can backfire – leaving you with disgruntled customers that will never come back for more. …………………… These tactics should enable you to raise a considerable amount of money that will get you closer to your Cash Injection Target. Aside from the quick cash infusion, applying these tactics has a more important – though not so readily apparent – benefit: it exposes your products to more people and greatly expands your customer base. But what if you’re still short of your Cash Injection Target? If that’s the case, then I suggest you check out the coaching videos that came with this course for even more radical tactics that have been tried and tested in the real world. And if that’s still not enough then we’ll just have to go a step further… We’ll have to create new products out of thin air… Copyright © 2007 Mark Joyner, Inc. This document is part of simple•ology Intensive: 7 Day Business Turnaround Kit http://www.simpleology.com 15 Day 5 Quick New Products From Thin Air I’m not psychic, but I know something about you. You can, right now, create a product out of thin air and turn it into fast cash. How do I know this? Because you … 1. 2. 3. Are human. Have access to a computer. Have access to the Internet. If that wasn’t you, you wouldn’t be reading this, and those three things are all you need these days to pull a product out of thin air. Here are some products that are ready to be pulled out of thin air: 1. Quick Information Products The market for Information Products over the Internet is huge. People turn to the Internet whenever they need to know anything: how to cook a casserole, how to woo a lover, how to retile a bathroom – you name it and you can be sure that someone, somewhere, needs that information badly enough to pay good money for it. An information product can be an e-book, a manual, an instructional audio recording, or a how-to video that you can sell over the Internet via instant download. If you have a special skill or if you have a particular area of expertise – and again, this could be anything – then you should consider making an Information Product. Just make sure that the knowledge you are sharing is really valuable or your customers will feel duped. The only Information Products that make money are those that genuinely help the customer. 2. Coaching Programs Although it can certainly stand on its own, a Coaching Program is best offered as a service to complement your e-book, tele-seminar, or any other Information Product. Copyright © 2007 Mark Joyner, Inc. This document is part of simple•ology Intensive: 7 Day Business Turnaround Kit http://www.simpleology.com 16 Coaching Programs are big in the fitness world, where anybody can now have an online personal trainer to guide their day-today progress. But Coaching Programs can be applied to almost any Information Product. An e-book about starting a vegetable garden, for example, can be sold with a Coaching Program that offers seasonal planting advice and general troubleshooting support. The same people who need information (to learn a new skill or build on their existing knowledge) also need human support – and this is exactly what a Coaching Program can provide through Internet webcasts, live chats, phone calls, or even personal visits. 3. Products From Affiliate Programs Joining an affiliate program is hands-down the closest you can get to actually pulling money out of thin air. Because in this case, you don’t even need to have your own product to sell! Why create a new product when you can just as easily make money selling an existing product? An Affiliate Program is one where you offer to sell somebody else’s products and you, in turn, get a commission for every product sold. Amazon.com pioneered the concept of Affiliate Programs for their books. But these days, most of the major Internet players have similar programs that offer commissions for selling their products. You can check out ClickBank (www.clickbank.com) for a wide range of products you can sell on commission. 4. Product Bundles You don’t need to make a new product “from scratch” to generate additional revenue. Sometimes, all you have to do is find another product that complements your own, then bundle them together to boost the overall value. If you’re selling shoe wax, for example, why not bundle it together with a brush, a shoe horn, and a buffing cloth and then sell the whole package as a Complete Shoe Care Kit? 5. Upgrades of Your Own Products You can easily create a whole new product line by coming up with an “elite,” “professional,” or “exclusive” version of your existing products. The upgraded version may not be all that hard for you to make, but it can enable you to access not just a few extra customers, but a whole new category of customers. 17 Copyright © 2007 Mark Joyner, Inc. This document is part of simple•ology Intensive: 7 Day Business Turnaround Kit http://www.simpleology.com …………………….. These are just some of the products you can create out of thin air and convert into fast cash. There are a hundred, a thousand, even a million other possibilities – if only you put your creativity and passion to good use. Tomorrow, we’ll learn more of what I call Last Ditch cash injection tactics – tactics I’d only recommend if you have your back against a wall. But you need to know right now that I don’t recommend these methods. When it’s so easy to convert your time and energy into money, then you can see why I don’t recommend that you what we teach you in Day 6. Copyright © 2007 Mark Joyner, Inc. This document is part of simple•ology Intensive: 7 Day Business Turnaround Kit http://www.simpleology.com 18 Day 6 Last Ditch Cash Injection Tactics Our goal for the past several days was to orchestrate a cash injection for your business by leveraging your time and energy into: 1) selling your existing products through creative measures, or 2) creating quick new products out of thin air for very little cost. I sincerely believe that you can achieve your Cash Injection Target by following the tactics outlined in the previous chapters and in the coaching videos Your passion and ingenuity –coupled with honest, focused hard work, and the creative tactics you have just learned – are your strongest weapons in averting financial disaster. But what if it’s not enough? What if something catastrophic happens and you find yourself with your back against the wall? If that’s the case, then maybe it’s time to consider the following measures: 1. Take Out a Loan If you’re really in a bind, consider taking out a loan to reach your Cash Injection Target. Most people turn to family members first if they need to take a loan. This is a very practical option – especially if they are kind enough to give you a loan at zero interest – but be aware that it can put a strain on your family relationship. You can lessen that possibility by voluntarily offering to pay interest, and by writing a promissory note detailing the terms and repayment schedule. Aside from turning to family members, you can also take out a loan against your personal assets, your life insurance policy (provided that it’s the kind with cash value, such as “whole life”), your home equity, or your retirement account. Talk to your local banker about these possibilities. Before you choose what’s best for you, be absolutely aware of all your obligations under the loan, including any additional fees, and the interest rate you will be paying. Warning: There are plenty of loan sharks out there ready to bind you to an agreement which could potentially have your loan spinning out of control. When I was an Army Officer, there were companies who specialized in fleecing soldiers Copyright © 2007 Mark Joyner, Inc. This document is part of simple•ology Intensive: 7 Day Business Turnaround Kit http://www.simpleology.com 19 out of their money with mega-high interest loans. These companies still exist. Always read the fine print and shop around for the best deal before making a commitment. 2. Take In a Partner Taking in a partner who’s willing to invest in your business could provide you with more than enough cash to fund your long-term expansion plans. The only downside to taking in a partner is that you’ll have to share company ownership. But keep in mind that sharing company ownership is not always a bad thing – especially if the business can benefit from the added expertise of a capable partner. Warning: When you take in a partner, make sure that the partnership or incorporation papers are done by professionals. The responsibilities and entitlements should be clearly spelled out to avoid conflict later on. 3. Lease Equipment Instead of Owning It If your money is tied up in an investment in specialized equipment, consider selling them (see the section on Fire Sales in Chapter 4) to get quick cash. You can then use some of the cash to lease similar equipment for a more affordable monthly cost. Leasing companies specialize in “renting out” equipment to businesses for a flat rate for a specified time. Once this time is up, you then have the option to buy the equipment, continue the lease, or simply return the equipment. Warning: Selling your equipment can give you instant cash, but leasing is always more expensive in the long run. So do the math and make sure that the trade-off – instant liquidity versus long-term cost-effectiveness – is worth it in your case. ……………………………… There’s a reason why each of the tactics outlined above is followed by a warning. They are risky by nature and should only be considered as a last resort if all of your efforts at raising cash using the tactics outlined in previous chapters and the coaching videos have failed. You’re now almost at the end of your 7-day deadline. What should you do if you have already reached your Cash Injection Target? 20 Copyright © 2007 Mark Joyner, Inc. This document is part of simple•ology Intensive: 7 Day Business Turnaround Kit http://www.simpleology.com And what should you do if you haven’t? We’ll find out in tomorrow’s lesson… Copyright © 2007 Mark Joyner, Inc. This document is part of simple•ology Intensive: 7 Day Business Turnaround Kit http://www.simpleology.com 21 Day 7 What’s Next? Congratulations! You have just completed the simple•ology Intensive: Your 7 Day Business Turnaround Kit. Today is your last day to reach your target. If you haven’t met it yet, don’t despair. You can always go through this process again until you reach your Cash Injection Target. If you still don’t have enough cash to keep your business afloat for the next few months, go through this course from beginning to end one more time. Execute more of the Cash Injection Tactics. Once you have at least two months operating capital built-up, you can start restructuring your company for healthy growth. This needs to be a lifelong study, but here are some basic ideas to help you get started: 1. Excellent Products are Tantamount to Business Health There is simply no way to get around it – you must have excellent products for your business to thrive. Excellent products bring repeat customers. Excellent products generate buzz about your business. And excellent products create raving fans that will tell other people about your company. Excellent products = ecstatic customers = word-ofmouth recommendations = phenomenal repeat sales = healthy, stable business. If you think your products are simply “good” or “better than most,” then concentrate your efforts on making them excellent. Excellent products should be the starting point and the core of your business strategy. The long-term health and stability of your business depends not only on sales, but on repeat sales. And the best, cheapest and most effective way to get repeat sales is through word of mouth recommendations made by ecstatic customers. I repeat: Excellent products = ecstatic customers = phenomenal sales = healthy, stable business. Start with an excellent product and you can never go wrong. All the rest will follow. Copyright © 2007 Mark Joyner, Inc. This document is part of simple•ology Intensive: 7 Day Business Turnaround Kit http://www.simpleology.com 22 2. The Best Way to Generate Consistent Low-Risk Marketing Impact is Through Integration Marketing “Integration Marketing” is a phrase I coined in 2003. At its core it has two basic strategies: Basic Integration Marketing and Advanced Integration Marketing. Basic Integration Marketing Basic Integration Marketing is simply integrating a marketing process into another of your own marketing processes. Let’s say you’re selling a pair or jeans via telemarketing. Applying Basic Integration Marketing, you can have your phone operators automatically “upsell” your customers on a better model or “cross-sell” them on extra pairs or complementary products. Similarly, if you are operating an Internet business, you could easily boost your profits by integrating upsells and cross-sells on the “thank you pages” of your existing products. The beauty of Integration Marketing is that it allows you to extract more money from a single transaction than was already there. It gives you extra profit with zero additional investment. Advanced Integration Marketing Basic Integration Marketing can double, triple, or even quadruple your profits, but it is only fractionally as powerful as Advanced Integration Marketing. What is Advanced Integration Marketing? Advanced Integration Marketing takes it a step further by integrating your marketing process into somebody else’s marketing process. Advanced Integration Marketing is all about riding on the back of an existing infrastructure – and getting in front of customers that are already attentive. A classic example of Advanced Integration Marketing is when Bill Gates struck a deal with IBM to have his Operating System integrated into their computer hardware. In effect, Bill Gates got money for every machine IBM sold without having to market anything. Now that’s Advanced Integration Marketing. (And we all know how much it paid off for Bill Gates and Microsoft…) How can you do this for your own products? Copyright © 2007 Mark Joyner, Inc. This document is part of simple•ology Intensive: 7 Day Business Turnaround Kit http://www.simpleology.com 23 Simply by forming partnerships with other businesses so that they integrate your marketing process (which could be an upsell, a cross-sell, etc.) in exchange for commissions. The idea is to have your products offered to customers that are already interested and pre-sorted – and do it without having to risk any capital. Always be on the lookout for an appropriate opening in any marketing process where people are pre-sorted by someone else as prospects – and then get your offer somewhere into that process. 3. Further Study Included in this course package are two further courses for study called The Irresistible Offer and The Great Formula, based on two of my best-selling books. Both of these courses will assist you in taking your business to new heights, but before you dive in, I highly recommend that you take simple•ology 102: The Simple Science of Money. In 102 you will become an expert in Money Power. So, what will you learn in simple•ology 102 that's so important? 1. The Grand Law of Wealth There is one simple law about wealth-building that, once fully understood, will allow anyone to begin amassing wealth immediately. 2. The 5 Laws of Money There are 5 laws that govern money. Those who make millions and billions understand and live by these laws. Those who break them are doomed to mediocrity or debt. 3. A True Understanding of Money, Marketing, Business, and More ... To put it frankly, much of what you have been taught is either unnecessary or just plain wrong. 4. A Simple 15 Minute a Day Way to Wealth The 15-minute-a-day Praxis learned in simple•ology 101 is extended in 102. You will add steps to it that allow you to apply the same simple principles to your money life. Copyright © 2007 Mark Joyner, Inc. This document is part of simple•ology Intensive: 7 Day Business Turnaround Kit http://www.simpleology.com 24 If you're involved in business of any form this is especially important for you. You'll learn some techniques for improving your business that work like clockwork, and get back into the game with a vengeance. In the meantime, please check in to the MarkJoyner.name Discussion Community and make the following post in the “Success Stories” board: “I Turned My Business Around!” And relay your experiences and observations. http://www.markjoyner.name/forums I’ll see you there! Mark Mark Joyner Founder of simple•ology Copyright © 2007 Mark Joyner, Inc. This document is part of simple•ology Intensive: 7 Day Business Turnaround Kit http://www.simpleology.com 25
Pages to are hidden for
"Simpleology - 7 Day Business Turnarouind"Please download to view full document