Archives for August 2021

How to Prepare for Fast Growth with a Vivid Vision®

Young, ambitious entrepreneurs want a lot of different things, from more press to a better corporate culture, to amazing employees. Underneath it all, though, they all want one thing most of all: to make more money.

Who doesn’t? It’s a universal desire and one that can be achieved! But, to get there, they have to prepare for fast growth. The most important thing, though, is that they’ll never get there without a detailed vision of their future.

That’s where a Vivid Vision® comes in.

First, Know What a Vivid Vision® Is

A Vivid Vision® is a detailed, three to four-page document that lays out a clear, logical vision of what your company will look like in three years.

“A Vivid Vision® is essentially the plan for the future of your company. It’s one that has to be big and ambitious and filled with piles and piles of hope for your company.” – Cameron Herold

When it’s completed, it’s meant to be woven into your company’s culture, guiding your employees’ decision-making and giving all involved clear goals to strive for.

Second, Begin Writing It

Usually, creating a Vivid Vision® is a very involved process that can take as long as six months to get right. Often, young entrepreneurs benefit from help from a mentor or someone else from the business to help them through. Even without one, though, you can still write a great Vivid Vision® on your own. Regardless of how much experience you have writing Vivid Visions®, having one, no matter how rough it is, prepares you far more for fast growth than not having one at all!

Here are some tips to get you started:

  • It’s important not to get caught up in the ‘how’ of things. Instead, dream big and worry about the ‘how’ later
  • You’ll need to be free of the day-to-day worries of running your business. You need the freedom to visualize your future
  • Get out of your office and go somewhere inspiring where you can let your mind wander, such as a hammock in your backyard, or the beach, or the woods, etc
  • Turn off your computer. No matter how much willpower you have, the temptation of email or web surfing will be a distraction
  • Get out of your comfort zone, think outside the box—choose whatever cliché works for you. Just be creative, even outlandish. You’ll be amazed at what you can come up with. It’s a sure-fire way to create a fun, dynamic vision you and your employees will love to strive for.

Third, Make it Stand Out

A good Vivid Vision® not only prepares you for fast growth, but it also causes that growth as well! The more your Vivid Vision® stands out, the more growth it will bring you.

Often, the Vivid Visions® that stand out most share a few common traits. They forgo all the mind-numbing doublespeak and restrictive, creativity-killing metrics and get right to the heart of the exercise.

What’s the heart, you may ask. That’s simple: What is really possible for my company?

The possibilities for growth are endless when you know the value of a Vivid Vision®, and the preparation it gives you when that fast growth comes is invaluable. Do you want a successful fast-growing company? Then write a Vivid Vision®!

How do you prepare for fast growth? Let us know in the comments below!

If you have questions or would like more information, I’d be happy to help. Please send an email, and my team will get in touch with you!

Editor’s Note: This post was originally published in September 2016 and has been edited for accuracy and comprehensiveness.

Another 7 Ways to Increase the Value of Your Company

What’s your business’ value?

Do you want to know how to drastically increase the amount a buyer will pay you?

Here are 7 things your company can work on so that you can do exactly that!

Create a Predictable Cash Flow

Think of revenue and cash flow as the starting point for any buyer. A steady stream of predictable, recurring revenue is ideal. Buyers will pay more for companies with a projected cash flow.

According to Colorado Biz, these are three ways you can effectively improve cash flow predictability:

  • Automating cash flow by automating accounts receivable software
  • Improve forecasting of income and expenses
  • Implementing flexible installment plans for your customers

Make it Scalable

Setup systems that easily help scale without needing more people will definitely increase the value of your company. For a valuable, successful business, efficiency is key.

The easier you can add new customers (like with setup systems that help scale), the more attractive your company will look to a buyer.

Improve Your Company’s Goodwill

Name recognition, customer awareness, and good PR go a long way when attracting a high-paying buyer to your company. Launch a good PR campaign a year out from when the sales process begins to boost goodwill within the marketplace. You won’t regret it!

High Net Promoter Score customer ratings also help drive increased purchase prices of businesses, so make sure you are taking the time to get reviews and ratings from clients/customers.

Learn Its Value

Knowledge has power! Get several independent valuations by reputable firms so that you have a rough idea of what your company might sell for. This is the knowledge that you need to have if you want to sell your company for a lot of money.

Consider additional parts of the company that evaluators may not see and what actions you might be able to take ahead of time to increase the company’s value in 12 months. Small acquisitions and drastic overhead cuts are a great place to start.

Make Things Transparent

Buyers don’t like surprises, so make sure that you operate above board and be prepared to show the value that they might not see right away and explain information that they might question.

“Except for the very occasional surprise party, nobody likes feeling blindsided. In the corporate world, surprises can have especially unfortunate consequences. Sharing information within the organization makes for more stable operations.” – Forbes

Show Your Growth Potential

Documented growth shows that the company’s future is solid, if not predictable. Show your buyers that your company has a ton of upside! Consider acquisition opportunities, additional product lines, untapped markets, sales funnel projections, PR that’s about to come, etc. Basically, anything you can share about your company’s growth potential will add value.

Find a Trustworthy and Fantastic M&A Firm

M&A Firms are a dime a dozen. However, finding one that can create a multiple-bid buyer market for you is what drives up your company’s selling price.

Take the time to research good M&A firms and invest in the best! It’s worth it if you want to sell your company for its highest value.

Your company can be sold for more than you think, but only if you put the work into it!

Have you had any experiences with buying or selling a company? How was it? Let us know in the comments below!

If you have questions or would like more information, I’d be happy to help. Please send an email, and my team will get in touch with you!

Editor’s Note: This post was originally published in February 2016 and has been edited for accuracy and comprehensiveness.

7 Ways to Increase the Value of Your Company When It’s Time to Sell

If you want to increase the value of your privately held company, it’s not just about your profits. While profitability is critical, there are other factors that can elevate your company’s value when it comes time to sell.

So, what are they?

Well-Organized Accounting

Don’t put off getting your accounting in order. Be ready at all times so that you can respond quickly when information on it is requested. Buyers will see your company as well-organized and will be more likely to pay a higher price when they don’t anticipate unforeseen surprises.

“Your financial records reflect the results of operations as well as the financial position of your small business or corporation. In other words, they help you understand what’s going on with your business financially.” – PDR

Awesome Employees

Your company’s talent is an asset! Make sure your buyers know that. Employees with strong skills add value, particularly when it comes to the sales team or other key roles that drive revenue, efficiency, or innovation within the company.

Loyalty is also a distinguishing characteristic to promote. Buyers want to know that key employees will stay for the long term. If you have employees like that, don’t be silent about it!

Office Culture that Feels Amazing

Enlist the help of a designer to “stage” your office so that the physical space looks great and feels like an incredible workplace. Freshly painted walls, organized shelves, and attractive wall art all add to your company’s image.

“A good leader needs to go out of their way to create bright, colorful offices for themselves and their employees. Do everything you can to avoid stuffy offices and dreary boardrooms in your workspace.” – Cameron Herold

Strong Branding and Name Recognition

The stronger your company’s brand recognition, the better your selling price is going to be. Roll out a stellar PR strategy 12-18 months prior to the start of the selling process to help show that your company is in a growth mode.

You’ll also want to refresh website content and other communication materials so that they’re relevant and in alignment with the message you are promoting to buyers.

Recurring and Diverse Revenue

All revenue is not equal. Buyers will – and do – pay a premium for booked reoccurring revenue. This means ongoing contracts with customers and a track record of predictable growth.

Diversified revenue is also a must. Broaden your revenue base so no more than 10-15% is based on one single customer.

The Company Runs Without You

Businesses that rely less on the owner go for a much higher selling price. Take steps now to increase your company’s independence and ability to remain productive during an ownership transition.

Inc outlines some steps you can take to grow a company that can run without you. They are: 

  • Stop hovering and answering questions
  • Take a mini-vacation
  • Become the grandparent
  • Delegate the role
  • Let failure happen
  • Get rid of anything that can tie you to the company
  • Let yourself go and announce it
  • Avoiding getting trapped in the zone of running things

Share an Inspiring Vivid Vision®

When you have a clear vision for your company, ideally a Vivid Vision® document, it will excite and inspire any potential buyers about the company’s future and abundant potential. This will also help with demonstrating the alignment between you and your employees.

When it comes time to sell your company, make sure to ask yourself, “Have I done all these things?” If not, then what are you waiting for? Who doesn’t want to sell their company for the highest possible price?

Do you have any other strategies for increasing your company’s value? Let us know in the comments below!

If you have questions or would like more information, I’d be happy to help. Please send an email, and my team will get in touch with you!

Editor’s Note: This post was originally published in March 2015 and has been edited for accuracy and comprehensiveness.

Why You Need to Get Out of Your Comfort Zone to Create a Great Vivid Vision®

If you’re running a company, you’re the one responsible for creating your company’s Vivid Vision®. The problem with that is, you’ve probably built yourself a nice office, somewhere that’s nice, clean, and comfortable. It’s your perfect workspace… most of the time, but not when you’re writing your Vivid Vision®.

But why?

Comfort Lacks Creativity

To write a Vivid Vision® that is filled with outside-of-the-box ideas, you need to physically be somewhere that makes you think outside of the box.

Your office space is too comfortable. It’s filled with everything you need to get your day-to-day work done, whether that’s your laptop, your favorite books, or pictures of your family when you need a bit of motivation. The problem is, it takes discomfort to think outside of the box enough to create an amazing Vivid Vision®.

You Need to Go Some Place That Inspires You

“The first thing you can do to unlock your creative side is to get into a creative space. By sitting in the same, old office you do all your work in, you’re going to have a much harder time breaking from the serious, logical mindset that’s required to do all your other work.” – Cameron Herold

To write a great Vivid Vision®, get out of the office and go somewhere inspirational. You could write by the ocean, in the forest, or even in a hammock in your backyard! Anywhere that gets you out of the box that is your office.

Your Comfort Zone Holds Unforseen Distractions

New places ooze inspiration and they lack a lot of the distractions that can be detrimental to your Vivid Vision® process. Your office is brimming with distractions — emails, phone calls, people popping their heads in the door. These kinds of interruptions can shatter your flow and drag the Vivid Vision® process out indefinitely.

To visualize your future properly, you need to really focus.

Trying to conduct the visualization exercises that are essential to your Vivid Vision® process in places like your office or a boardroom doesn’t work. It surrounds you with the minutiae of the office environment — the hum of the copier, the murmur of phone conversations, even the white noise of the air conditioner. These sounds can subconsciously lock your brain into rigid, business-first thought patterns that will stifle the creativity it takes to imagine a bright, exciting future in your Vivid Vision®.

You Need to Remove Yourself from the Rational

Going somewhere new and away from the comfort of your day-to-day allows you to remove yourself from rational thought somewhat.

A lot of leaders are decidedly left-brained. They’ve been successful their whole lives using rational, pragmatic thinking. That’s just the kind of thinking that can ruin the Vivid Vision® visualization process.

The idea is to visualize the “where” that you want to take your company without concerning yourself with the “how.” It’s easy to get caught up in the “how” when you’re surrounded by sales charts and spreadsheets. Freeing yourself from the office, in turn, frees your mind from the boundaries of business metrics. You’ll be able to fantasize without letting reality rain on your parade.

Most people complain that they spend too much time in the office anyway. This is the perfect excuse to get out of it! Enjoy the sunshine, breath in the fresh air, and visualize your perfect Vivid Vision®.

Do you have any interesting places you like to go to get inspired? Let us know in the comments below.

If you have questions or would like more information, I’d be happy to help. Please send an email, and my team will get in touch with you!

Editor’s Note: This post was originally published in September 2016 and has been edited for accuracy and comprehensiveness.

book-4

Meetings Suck: Turning One Of The Most Loathed Elements Of Business Into One Of The Most Valuable

We all know that meetings suck, right?

You hear it all the time. It’s the one thing that almost everyone in business can agree on.

Except it’s not actually true… 

Meetings don’t suck.

We just suck at running meetings.   

When done right, meetings not only work, they make people and companies better.

In Meetings Suck, world renowned business expert and growth guru Cameron Herold teaches you how to use focused, time effective meetings to help you and your company soar.

This book shows you immediately actionable, step-by-step systems that ensure that you and everyone in your organization improves your meetings, right away.

In the process, you’ll turn meetings that suck into meetings that work. 

In life, we always hear about people who’ve made huge decisions from their gut – without data.Today, I want you to make a decision, not only from your gut, but also from some data.  A decision that is only $12 per employee but will be priceless for your business.

Right now, your gut is telling you something is wrong with your company’s meetings.  You KNOW everyone complains about meetings.

People HATE going to them, they HATE running them, and they really have NO idea which meetings are truly necessary but they hold meetings simply because they think that is what they SHOULD do.

Even some of the smartest CEOs in the world complain about meetings – Elon Musk publicly told employees at Tesla & SpaceX to walk out of meetings if they weren’t being run properly.

I sent Elon a message saying that wasn’t going to fix anything – the key is to fix the root of the problem – NOT continue to ignore why meetings suck.

A Meeting is – Any phone call, video call or occasion where 2 or more people meet to discuss or work-through office topics.

Most employees on average spend 1-2 hours per day in meetings.

And likely, none of those employees – front-line staff or leaders – have had any training on how to attend meetings or participate in them, LET ALONE How to RUN THEM.

Consider this…

If the Average employee spends just 1 Hour per day in meetings – that’s 1/8th of their time.

If the Average employee earns $50,000 per year.

And they’re spending 1/8th of their time in meetings, that means you’re paying $6,250 dollars per year for just ONE employee to attend meetings.

The reality is, employees spend 1/8th of their time – and 1/8th of your company’s payroll – doing something they have literally NO idea how to do.

The Reality is…

95% of employees are booking & leading meetings – and they have NEVER been trained on how to run them.

95% of employees have had NO training on how to show up and participate in the meetings they attend daily.

And 95% of employees and companies have no idea what meetings are even necessary to hold.

Meetings CAN be hugely effective – IF you know how to run them

Meetings don’t SUCK, we just SUCK at running meetings. 

Investing $15 per employee – to help ensure the $50,000 a year you spend on them is an obvious and easy choice.

This could be the most impactful $15 you’ll ever spend and will save the company’s money, time and resources instantly.

Buying a copy of Meetings Suck for 100% of your employees and having them read it this month will have a huge impact on your company’s success.

book-5

Free PR: How To Get Chased By The Press Without Hiring A PR Firm

Public relations has always been an essential part of doing business which is probably why you’re shelling out big money to an outside PR firm. But the truth is that you don’t need them. You already have all the necessary tools in-house to do as good a job as the so-called experts. 

Cameron Herold and Adrian Salamunovic have taught thousands of company execs how to exploit free media coverage and ditch these expensive, often ineffective outsiders. 

Cameron & Adrian have also built in-house PR teams, spent decades learning how to generate Free PR and how to leverage public relations to complement their sales and marketing strategy. 

In Free PR, you’ll learn how the media world operates while you gain invaluable insider knowledge and actionable advice on how to: 

  • Build your own in-house PR team
  • Provide effective interviews
  • Score great media coverage for free with just a few easy steps 

Landing public relations coverage for yourself and your company is a powerful tool to help elevate your personal brand. PR is easier to generate than marketing, PR is easier to leverage than marketing and PR is more cost effective than marketing. In other words, Public Relations is more critical than ever in growing your brand and your business. 

You’ve got more passion, commitment, a larger stake, and a deeper understanding of your business than any outside PR firm could ever have. So stop wasting money and take the reins yourself.  Learn the secrets to landing TONS of Free PR for your company.

What they’re saying:

“I think PR is the core for promoting any business. Public relations acquires customers! That’s what’s cool about this book.”

– Kevin O’Leary,  Shark on ABC’s Shark Tank

“The ultimate guidebook for those looking to get press, grow their brand, and get in front of the masses. Free PR is the roadmap you’ve been looking for.”

– Peter Shankman, Founder, Help a Reporter Out (HARO)

“Adrian and Cameron will show you the secrets of getting massive exposure for your business. This book is packed with actionable insights from two guys that actually know how to to do it.”

– Dan Martell,  Serial Entrepreneur & Investor (Intercom.io, Unbounce)

“I told Cameron to write the book on generating free PR. I’m excited to see that he’s finally sharing his secrets with the world. This is a must read for any entrepreneurial company and marketing team.”

– Verne Harnish, Founder of Entrepreneurs’ Organization (EO) and author of Scaling Up (Rockefeller Habits 2.0)

book-3-1

Vivid Vision: A Remarkable Tool For Aligning Your Business Around a Shared Vision of the Future

Many corporations have slick, flashy mission statements that ultimately do little to motivate employees and less to impress customers, investors, and partners. 

But there is a way to share your excitement for the future of your company in a clear, compelling, and powerful way and entrepreneur and business growth expert Cameron Herold can show you how. 

Vivid Vision is a revolutionary tool that will help owners, CEOs, and senior managers create inspirational, detailed, and actionable three-year mission statements for their companies. In this easy-to-follow guide, Herold walks organization leaders through the simple steps to creating their own Vivid Vision, from brainstorming to sharing the ideas to using the document to drive progress in the years to come. 

By focusing on mapping out how you see your company looking and feeling in every category of business, without getting bogged down by data and numbers or how it will happen, Vivid Vision creates a holistic road map to success that will get all of your teammates passionate about the big picture. 

Your company is your dream, one that you want to share with your staff, clients, and stakeholders. Vivid Vision is the tool you need to make that dream a reality.

miracle-morning

The Miracle Morning for
Entrepreneurs: Elevate Your SELF to
Elevate Your BUSINESS

READY FOR EXPLOSIVE GROWTH AS AN ENTREPRENEUR AND ACCELERATED SUCCESS IN THE REST OF YOUR LIFE?

A step-by-step guide to enjoying the roller-coaster ride of growth — while getting the most out of life as an entrepreneur. A growth-focused approach: The book is divided into three sections, which cover planning for fast growth, building a company for fast growth, and leading for fast growth. Each topic the author covers — from creating a vision for the company’s future to learning how to generate free PR for a developing company — is squarely focused on the end goal: doubling the size of the entrepreneur’s company in three years or less. A down-to-earth action plan: Herold’s experienced-based advice never gets bogged down in generalities or theory. Instead, he offers a wealth of practical tips, including: How to design meetings for maximum efficiency; How to hire top-quality talent; How to grow in particularly tough markets; How to put together a board of advisors — even for a smaller company; How even the busy entrepreneur can achieve a work/life balance.

READY FOR EXPLOSIVE GROWTH AS AN ENTREPRENEUR AND ACCELERATED SUCCESS IN THE REST OF YOUR LIFE?

Hal Elrod’sThe Miracle Morning has helped redefine the mornings and the lives of millions of readers since 2012. Since then, careers have been launched, goals have been met, and dreams have been realized, all through the power of the Miracle Morning’s six Life S.A.V.E.R.S.

THESE SIX DAILY PRACTICES WILL FUEL YOUR EFFORTS TO CREATE AND SUSTAIN POSITIVE CHANGE IN YOUR LIFE.

Now The Miracle Morning for Entrepreneurs brings you these principles in a whole new light—alongside the Entrepreneurial Elevation Principles and the Entrepreneur’s Elevation Skills. These are essential skills that you need to create a successful business and personal life. Cameron Herold— Bestselling Author and a widely-respected expert on entrepreneurial mindset—brings his wisdom and insight to you using Hal Elrod’s powerful Miracle Morning framework.

DEVELOP A VISION FOR YOUR BUSINESS, AND BECOME THE INFLUENTIAL AND INSPIRING LEADER YOU WERE ALWAYS MEANT TO BE.

The principles and skills you’ll find in this book will help you to channel your passion and achieve balance in a remarkable new way. – Learn why mornings matter more than you think – Learn how to master your own self-leadership and accelerate your personal development – Learn how to manage your energy—physical, mental, and emotional – Learn how to implement Hal Elrod’s invaluable Life S.A.V.E.R.S. in your daily routine – And much more… You’re already an entrepreneur. Now discover how to take your success to the next level by first taking yourself to the next level. The Miracle Morning for Entrepreneurs is your roadmap to masterfully building an empire with a powerful vision, utilizing your areas of personal genius, with the right team at your side.

Start giving your business and your life the very best opportunities for success, right now.

A step-by-step guide to enjoying the roller-coaster ride of growth — while getting the most out of life as an entrepreneur. A growth-focused approach: The book is divided into three sections, which cover planning for fast growth, building a company for fast growth, and leading for fast growth. Each topic the author covers — from creating a vision for the company’s future to learning how to generate free PR for a developing company — is squarely focused on the end goal: doubling the size of the entrepreneur’s company in three years or less. A down-to-earth action plan: Herold’s experienced-based advice never gets bogged down in generalities or theory. Instead, he offers a wealth of practical tips, including: How to design meetings for maximum efficiency; How to hire top-quality talent; How to grow in particularly tough markets; How to put together a board of advisors — even for a smaller company; How even the busy entrepreneur can achieve a work/life balance.