Is your business a kitchen table or barstool?
Is your business a kitchen table or barstool?
1. Increase the number of sales
2. Increase the average size of each sale
3. Increase the frequency of repeat sales
Easy, right?
But it’s not so easy if your business isn’t structured properly. And most small businesses aren’t.
The problem is that most small business owners focus solely on what they see others doing and offer their clients and customers only what they’re used to offering. The simplest way to increase the number of sales, the average size of each transaction, and the frequency of repeat sales is to look in one’s “blind spot.”
Quick, take a quick look at your kitchen table…Does it have four legs? Great. (If it only has three legs, then you’ve mistaken your bar stool for your kitchen table.)
Your kitchen table has four legs for a reason; it’s the most stable that way. And, that’s the kind of solid foundation upon which you should build your business.
Draw a 3-D line drawing of a kitchen table, complete with four legs. Under each leg, write one of the following labels:
1. Coaching
2. Consulting
3. Training
4. Leveraging
1. Coaching means providing guidance, advice, and support.
2. Consulting is like being a player-coach. You’re providing guidance, advice, and support. But you’re also on the playing field, helping implement your plans. (As a coach only, you’d get penalized or kicked out of the game for being on the playing field.)
3. Training happens when you provide information and education to more than one entity at the same time. Examples include seminars and teleseminars.
4. Leveraging means that you’ve turned your intellectual property into products and services that can help people (and that you can sell) even when you aren’t there. These include information products, membership web sites, certification programs, licensing, and franchising.
THE PROBLEM:
The problem is that most businesses are designed with only one leg of the kitchen table: The consulting leg. That’s akin to running a foot race on only one leg! Most businesses are missing out on tremendous opportunities to get more clients and customers, get them to buy more, and get them to buy more often.
THE SOLUTION:
The most solid way to build your business is just like a kitchen table, with four legs. Each leg represents a product and/or service. Built this way, your business will develop a more reliable (and larger) revenue stream…and stay stronger over the long haul.
SUMMARY:
Regardless of whether your business is product or service-based right now, you can structure your business according to the kitchen table model I just described. In fact, I challenge you to show me a business that can’t be built with four legs.
ACTION PLAN:
1. Map out different options for adding on one new “leg” to your business.
2. Rank your options by considering the following:
a. What leg makes the most sense, based on existing resources, revenue potential, benefit to your clients and customers, and ease of implementation?
b. Which options give you the best opportunity to develop a recurring revenue stream?
3. Now, take your top option and devise a strategy, action plan, and timeline for building that leg and rolling it out to your clients and customers.
Is your business a kitchen table or barstool - To learn more about this author, visit George C. Huang's Website.
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There are only three ways to increase revenue in your business:
1. Increase the number of sales
2. Increase the average size of each sale
3. Increase the frequency of repeat sales
Easy, right?
But it’s not so easy if your business isn’t structured properly. And most small businesses aren’t.
The problem is that most small business owners focus solely on what they see others doing and offer their clients and customers only what they’re used to offering. The simplest way to increase the number of sales, the average size of each transaction, and the frequency of repeat sales is to look in one’s “blind spot.”
Quick, take a quick look at your kitchen table…Does it have four legs? Great. (If it only has three legs, then you’ve mistaken your bar stool for your kitchen table.)
Your kitchen table has four legs for a reason; it’s the most stable that way. And, that’s the kind of solid foundation upon which you should build your business.
Draw a 3-D line drawing of a kitchen table, complete with four legs. Under each leg, write one of the following labels:
1. Coaching
2. Consulting
3. Training
4. Leveraging
1. Coaching means providing guidance, advice, and support.
2. Consulting is like being a player-coach. You’re providing guidance, advice, and support. But you’re also on the playing field, helping implement your plans. (As a coach only, you’d get penalized or kicked out of the game for being on the playing field.)
3. Training happens when you provide information and education to more than one entity at the same time. Examples include seminars and teleseminars.
4. Leveraging means that you’ve turned your intellectual property into products and services that can help people (and that you can sell) even when you aren’t there. These include information products, membership web sites, certification programs, licensing, and franchising.
THE PROBLEM:
The problem is that most businesses are designed with only one leg of the kitchen table: The consulting leg. That’s akin to running a foot race on only one leg! Most businesses are missing out on tremendous opportunities to get more clients and customers, get them to buy more, and get them to buy more often.
THE SOLUTION:
The most solid way to build your business is just like a kitchen table, with four legs. Each leg represents a product and/or service. Built this way, your business will develop a more reliable (and larger) revenue stream…and stay stronger over the long haul.
SUMMARY:
Regardless of whether your business is product or service-based right now, you can structure your business according to the kitchen table model I just described. In fact, I challenge you to show me a business that can’t be built with four legs.
ACTION PLAN:
1. Map out different options for adding on one new “leg” to your business.
2. Rank your options by considering the following:
a. What leg makes the most sense, based on existing resources, revenue potential, benefit to your clients and customers, and ease of implementation?
b. Which options give you the best opportunity to develop a recurring revenue stream?
3. Now, take your top option and devise a strategy, action plan, and timeline for building that leg and rolling it out to your clients and customers.
Is your business a kitchen table or barstool - To learn more about this author, visit George C. Huang's Website.
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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Casey GollanCasey Gollan, Business Coaching & Mentoring Programs. Add $1 Million to $10 Million in the next 1 to 3 years. Since 1996 Casey has to added hundreds of millions of dollars to businesses. Watch a free video see client results Business Coaching website. - Visit Casey Gollan's Website |
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
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