Recession

Recession Tip: Give Everyone A Raise

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Make raises one hundred percent commission based, but give everyone a stake in finding new business. Even accounting and IT teams can find clients, so create an upside for them, too.  When everyone in your company has a stake in the outcome and can make more money by bringing in clients or employees, they will work to help you build your business.

Also, teach your employees how to network.  Give them marketing pieces with a promo code customizable to that employee.  Help them make more money and you will too.

Truth about Strong Companies and Rich Clients

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This rings true even in recessions.  That’s where the old adage ‘cash is king’ in a recessionary market comes from.  Many companies saw the recession coming and moved into cash.  They were waiting for deals. They’ve been waiting for the market to turn. They’re also waiting to buy from you. Sell to them. They’ve got money – some of it could be yours.

So, how do you get some of that money? A story first…

Years ago, one of my sales teams was working with a large client called Public Storage.  We were doing about $180,000 a year in business with them.  When we asked them how much total spending they did with us and competitors of ours, they said they’d have to check.  The following week they came back and said overall, company wide, they spent about two million dollars.  Wow–and we were only getting nine percent of that! Imagine how the conversation changed at that point to, “How can we get more of your business? What do you need to see from us to spend fifty percent of that figure with us?” We knew they had the money because they told us they were spending it! Now we just needed to work closely with them to have them spend it with us instead of our competitors.

Figure out which of your clients or prospects are doing well. Do your research and really focus on them, and you’ll land them without any problem.  Ask your clients how much of their current business you are currently getting.  Spending time with your top clients to increase revenues is easier than finding new ones.  They’ve got money – some of it could be yours.

Any stories to share ?

Find Money Under Your Company’s ‘Pillow’ (Graphic Photo)

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You’ve already got lots of products or services, so why not re-brand them or re-market them? For example, I sell leadership DVDs that are used by CEOs and their employees around the world. Once I started selling them as a package of four, DVD sales really took off. ‘The BackPocket Packet’ comprises ninety percent of the orders fulfilled from my website today.  And hundreds of companies use them to train their employees now.

Another area to find cash under your company’s ‘pillow’ is by considering selling off a small equity position in your company.  You’ll be able to realize some cash for what you’ve built already, and you could have a major opportunity if you sell a small position to either a current or large supplier, or customer.  If they own 5% of you, you’ll get 100% of their business, too.

And while we’re on the subject. Check out this hilarious spoof headline from The Onion. Beware!

Recession Tip: Watch Your Cash Flow

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Look for all areas you can cut expenses, except advertising and marketing (if you cut those, you will not only see a slowdown, you’ll be causing it).  Really look for waste in your company and start cutting it fast anywhere you can. Cut the people you’ve been wanting to fire but didn’t have the guts to as well.  Hire salespeople for sure, but cut all the rest of the “dead weight employees,” too.

Increase credit lines at your bank and with credit card companies now, and every six months for as long as you’re in business.  Credit card companies will increase your lines every six months just by you calling them. Also, stop buying stuff.  Really.  Put a freeze on virtually all the spending you can.  You’ll be amazed at how much money you free up just by saying no to virtually all potential expenses.  Tighten the belt fast.

Collect from customers faster than you used to.  Collect COD as much as possible.  Get customers to pre-pay.  Increasing your cash flow at times is as good or better than cutting expenses.

This last point will help increase your cash flow as well, but you have to be gentle and selective in doing it. Pay your bills slower than you used to as well.  Delay paying receivables as long as you can.  Even just waiting until the last few days allowed will make a big difference for you.

pic Dynasty Financial Services

Recession Tip: Hire Sales People

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While all of your competitors complain about the economy, and spend their time reading every article that confirms their fears, go in the opposite direction.

When companies start laying people off, the great employees fear for their jobs. If you’re hiring salespeople when everyone is laying them off, the positive buzz that you’re still hiring will start to spread – even to customers.

What’s even better? Imagine if you hired one of your competitor’s best salespeople—what would happen then? It would impact both of your companies in precisely the way you want to in a competitive world.

I know it seems odd that while in the middle of a recession you’d want to hire more people, but the people you are hiring are the rainmakers.  You’re hiring people to increase sales, add money to your gross margin, and increase buzz about your company and brands.

pic Search Engine Genie

Spend More On Advertising

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While everyone else is recession minded and shutting down production, you’re going to be planting the seeds for growth.

I was working with a client in Berlin who mentioned that they just landed a TV advertising deal where they don’t pay any fixed advertising fees. Instead, they negotiated a revenue-share deal with the TV station where they make a bit of money off of each new client their TV ads generate.

Remember, advertising outlets like TV, radio, magazines, newspapers and websites have no hard costs to run your ad.  For TV and radio, it’s airtime.  For magazines and newspapers, it’s a piece of paper they have to print anyway (one piece of paper in a magazine ends up being four full page ads and a staple in the middle).  Often, and especially now, magazines will run ads for free or very cheap if they are going to print the next day. Any unsold ad space in newspapers can never be re-sold.  Once Tuesday’s issue goes to print, it’s over for that specific window of sales potential.  It’s not as if it were a bottle of wine they are selling, which if not sold today, they can always sell tomorrow.

All media outlets have expiring inventory and they will sell their space for whatever they can negotiate as a price for at that time.

Years ago, I ran a very large barter company and we had tons of clients in advertising.  They would all trade advertising space for products from other companies.  All those ads you see in magazines for golf courses and hotels were not paid for with cash.  They were all paid for by the golf course trading twenty, fifty, or one hundred green fees in exchange for the ad. What about the hotel advertised on page 2? About ten to twenty nights in a hotel room for the ad.  It doesn’t cost a golf course anything to trade green fees except the cost of a scorecard and pencil–the golf course and hotel room will still be there the next day to re-sell to someone paying cash.  If you can trade your products or services with the media, they’ll turn around and re-sell it for cash to their clients later, too.

Don’t be afraid to negotiate the price, too; all advertising gets cheaper the closer it is to the date or time the ad will run, as I mentioned earlier.  I’ve negotiated millions of dollars of radio and TV ads, which were “pre-emptable.” We got them for fifty percent off, but if someone else came along willing to pay full price they’d cancel our ads. “Great,” I’d say. “I’m building a brand for years to come – I’ll take as many 50% off ads as I can get.” Someone else can pay full price.

I live by an old adage that always helps me through downturns:
“Early to bed, early to rise. Work like hell and advertise…”

pic Por Homme

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

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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.

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

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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)

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

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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

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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.

double-double

Double Double: How To Double Your Revenue And Profit In 3 Years Or Less​

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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.