How much is the average client worth to your business? Not just per project or even per year, but for the lifetime of your business. Calculating the lifetime value of a client is an eye-opening exercise I recommend to every small business owner. Repeat business Let’s take several examples. A client who eats a $15 […]
Author Archives: Cindy Hovig
As our businesses grow and our schedules fill with serving clients, it’s easy to overlook how our personal financial needs might have changed. Here are eight best-practice tips of millionaire business owners and how they personally protect their wealth. 1. Move your money from banks to brokerage accounts. Instead of having their money tied up […]
Is your revenue increasing or decreasing every year? There are many factors that can cause your revenue to slide, and one of them I’d like to introduce is your opportunity number. Your opportunity number is the smallest amount of business you’re willing to take on when you take on a new client. Here’s an example: […]
We never think it will happen to us. Becoming a victim of fraud is a horrible experience. It can cause financial damage, sometimes significant enough to put us out of business. It is a time-consuming business disruption which often involves accountants, lawyers, credit bureaus, bank executives, and IRS and state tax agents. Worst of all, […]
As business owners, we naturally lean toward being an expander or a contractor in our businesses. In a nutshell, an expander makes things bigger and a contractor pulls things in, but there’s far more to this analogy which can explain a lot about what roles you want to have in place in your business. The […]
Does it seem like you need to accomplish more in less time than ever before? Just about every small business owner I know is overwhelmed with everything they need to do. Many factors contribute to this feeling: new technologies, increased government regulation, a need to market harder, and less access to capital are just a […]
Restaurants do it beautifully. “Did you leave any room for dessert or coffee?” “Want fries with your burger?” The All-Important Upsell How does your company rate when it comes to the all-important upsell? Is it smooth like a restaurant waitress who smiles while she delivers her line? Or could it be improved? While you don’t […]
You wouldn’t be in business if it weren’t for your customers . But, sometimes we almost forget that we are ultimately in business to receive a salary and to make a profit. In a large company, a balance must be maintained between serving customers and serving the shareholders. In your small business, the shareholder is […]