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If you’re involved with our Profit First Cash Management System (PFCMS) you’ll recognize why we are asking this question. PFCMS is intended to make sure you have the right amount of cash, in the right place, at the right time. When it comes time to make tax payments, it feels GREAT to know you’re already covered by having the cash ready.

The rest if you can also read it if you’d like…) So you think you have this sales and marketing stuff figured out? Allow me to challenge that assumption. Here are some things to think about: Customer Attraction. Why would they want to talk to you in the first place? How well is your name recognized? Who else have you helped? What mannerisms matter? Do your marketing materials really speak to their biggest problems/threats?

As more information becomes available, it turns out that there were some definite warning signs about the submersible that imploded recently. Had the participants paid attention to certain warning signs, they might have been able to avoid the disastrous consequences that occurred. Last month we talked about business implosion. This month we’d like to talk about a few telltale warning signs you might want to be aware of.

Recently the world was transfixed on a catastrophic event where several people lost their lives due to the implosion of a small submersible vessel called The Titan. Some people called the people involved heroic explorers, others called them silly for taking such a great risk. Which camp are you in? Either way, what I’d like to talk about is risk, and how to manage it by becoming a world class company and avoiding a catastrophic event.

What’s that you say? What have I been smoking? No, really, I’m not kidding you here. Service businesses really do have inventory they are trying to sell. Now before you think I’ve really gone off my rocker, let me explain…A service has two main things to sell: Time. Knowhow. And hey goofball, anytime you provide a service, you are selling both of these finite items. Let’s define what these mean…

It all depends on which world you’re in…

What’s that you say? That doesn’t make sense to you? Well, it might if you think about it a little. When we experience cash shortages, our behavior changes, and sometimes it’s not always for the better. Let me introduce you to two different worlds: The Cost World, The Throughput World.

Lots of people talk about how unique their products and services are. Many times when I listen to them, I start yawning. Boring… Why? 2 main reasons: Sellers tend to look at their offerings from their perspective. How much did this cost me to produce? What features and benefits should I offer? Sellers can be lazy. They don’t have a clear sense of their market demographics, and they don’t do the market research to validate the characteristics and size of their markets.

Software Subscriptions (SAAS products) are a major expense for many (if not most) business owners.  And it’s no longer just one or two subscriptions – most businesses now have 10 or more active software subscriptions. And prices can be really expensive – I’ve got one that costs us around $1000 a month! Most offer different pricing and payment plans, and many offer the choice between monthly payments and annual payments. 

(updated for announcements made 14 September 2023) If you participated in the Canadian governments COVID business loan program (called the “Canadian Emergency Business Account” or CEBA for short) then you benefited from a loan of up to $60,000 of cash during the...

Here’s an interesting fact: Every organization has 3 main functions: Sales and Marketing to generate opportunities,and close deals. Operations to produce and deliver the goods/services sold Finance/Administration for accounting, HR, and other admin functions. Knowing...