2015 Marketers Guide For Those Who Don’t Have Marketing Departments – Profit

$20, Canadian money, dollar bills, bills, cash

Dollar bills ya’ll

2015 here we come!

In the lead up to the New Year I’m going to put together a few items to keep in mind as we head into 2015. This could act as a resource for those who don’t have marketing departments. The little engines that could. The solopreneurs. The business owner who does everything. Even the most recent MBA grad who learned a bunch of useless information in University. This is real life, this is real dollars, and this is how we do it.

The first thing I want you to focus on in the New Year is PROFIT! It’s the most important thing for any / all businesses. You need to have some sort of cash flow to keep your business alive, and food on your table. If you’re launching a business, startup, whatever in 2015 every decision you make should be focused on profit aka how will this decision make me money? And you need to think about it in the short-term, and the long-term. Business is a marathon my friends, but it doesn’t hurt to get off to a quick start.

1) Don’t wait until your product / service is perfect. Pushing back your launch could bury you in debt. Too many people wait for everything to be perfect. Open your doors, test things out, and see which items, services, etc… are pulling in the highest margin. Those are your winners. Dump the losers, and see how you can milk the winners while keeping your standards, and values in line. Don’t cut costs for the sake of cutting costs, but ensure you know your margins.

For me – I’ve figured out a formula for what I need to do to make a profit for my service:

40 – 50 calls, emails, social media connections, asking for referrals, business drop ins, etc… per day = 3 face-to-face meetings booked every day = 1 sale per week.

Not the greatest of close ratios at this point, but I’m improving on that. I understand what it takes for me to make a profit, and I’m tweaking it from there. I’m trying different approaches, different emails, different phone calls, different ways I present myself…and you should do the same. Never stop testing what’s working, and what’s not working (if that makes any sense).

2) When you start making more, and more profits, you can start funnelling that back into the business aka MARKETING! Please have a marketing budget for 2015, please have a marketing budget for 2015, please have a marketing budget for 2015.

If you don’t, you will fail. Okay, maybe you won’t, but the odds are stacked against you.

This week – you’ll receive more info from me on how to market in 2015. The first step is to focus on PROFIT. Print off a sheet of paper with the word, “PROFIT” in bold letters, and tack it somewhere or set a reminder in your phone every single day to see where you’re at when it comes to your bottom line. Is everything you’re doing focused on that number? It should be, and when I say profit, I don’t mean cutting costs. In most cases, one way to ensure your profits go down is to cut costs. I’ll explain more later on this week. Till then…

Love you,

Jordan ‘The Guy with the Bow Tie’ Rycroft

Profitable or perfect?

profit_ahead

Here’s an interesting question – would you rather be profitable or perfect?

To answer this question I’m going to focus on an article that is too good to pass up. It’s what I’ve been writing about and preaching for years.

Take a look here 

Tech startups are very similar to small businesses. Although you’ll probably have better success with a small business than a tech start up (only about 10% of tech startups survive past a year or two).

Why don’t more businesses survive?

1) It’s an uber competitive market place
2) Small business owners are worried about too many things other than profit
3) Small business owners don’t allocate enough money to marketing

The ‘Build it and they will come’ mentality WILL KILL YOU. Everyone thinks their own product or service is great. Guess what? You’re never as good as you think you are. If every small business owner is thinking the same thing than why do so many businesses shut their doors after a couple years (or should shut their doors as some businesses haemorrhage money year after year)?

The truth – you need to get your product or service in front of as many people as possible. You need to use traditional media, digital media and/or start knocking on doors. You need to do whatever it takes to make your business known. Setting up in a good location doesn’t cut it anymore. Bottom line – YOU NEED TO SPEND MONEY ON MARKETING YOURSELF. Whether you’re sponsoring a community group function or spending money on media.

How do some of the most profitable small businesses get to be to where they are today? They got in front of as many people of possible. Heck, some of them are at the point where they don’t need to do as much advertising as they used to because they’ve done such a good job in branding themselves. As a result, business just comes to them. And guess what? The number one line item they track is PROFIT!

For example – I spend thousands of dollars every year on myself. Whether it’s marketing, education or books. And guess what? This past week I quadrupled my return on investment. IN ONE WEEK! That’s a pretty good profit margin.

I don’t want to be boastful, but I get it. I understand it takes money (and time, but time is money) to make money. I spend the dough and I get it back…every single time. I’m not afraid to spend a few thousand dollars if I know I’m going to get tens of thousands in return. I believe in myself and if you believed in yourself you’d stop what you’re doing and start marketing and focusing on the things that are going to make you money.

This past week I spoke with a small business owner who was holding off on marketing because he wanted to make a few things behind the scenes, “perfect.” Fuck waiting to get your product or service perfect. YOU’LL NEVER BE PERFECT! You’ll be broke before you’re perfect. Start doing and stop procrastinating. If you’ve opened the doors of your business your product or service better be at 70 – 80%. Then you can tweak it from there, but you need to start making a name for yourself NOW. Start investing in yourself and your business and you’ll see the returns. How do I know? I’m living proof and I’ve dealt with hundreds of businesses who are living proof.

What would you rather be? Profitable or perfect? You can’t have both.

Jordan