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Today, my schedule was ripped apart by someone really special.
Let’s move sideways from the previous posts on how your beliefs and habits impact your profits, and look at a very special type of relationship that can make a huge difference to your small business’ bottom line.
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While you should be very protective of your time to remain productive, creating value rather than fighting fires, and to keep a position of relative authority, there’s a special type of person you may want to be a little flexible with.
It does help to show them that this flexibility requires a lot of reorganisation. And to say “not now” on occasions so your flexibility isn’t devalued.
You see, when you know your figures in detail, you may find you have one or two clients like the special one I dealt with today.
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They’re not my best client. Are a pain to deal with. Leave things to the last minute. Change their mind often….
But looking at their past history of making business with me, I know what giving them what they want when they want it means to my bottom line:
2 days’ business from them cover my fixed costs for the month.
So I now have the rest of the month to focus on profits.
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Oh, and they pay fast!
So when they call with one of their last-minute requests, I usually find a way to re-arrange my team’s priorities for the day (while I keep on working on more long-term activiites as much as possible).
Sure, not everyone is fortunate enough to have associates to do this.But the key lesson isn’t about “dropping everything” for your clients.
It’s about knowing your figures – particularly where your bottom line profits really come from.
It’ll help you make those last-minute decisions.
Until tomorrow,
Yann
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PS: If you’re just starting out, keep track of where your cash comes from and where it goes to very thoroughly. Boring at the beginning – but priceless very quickly!
:-)
Yann, You make a very good point. Sometimes we do have to prioritize special clients or customers. This is acceptable as long as you can accommodate your other clients. Mark
Glacier Ice Cream
Hi Yann,
You are so right it most defiantly is about being fully aware of the figures! And this is one thing I never forgot that the MONEY should never be delegated and to always keep your finger on the money pulse!!
Duane
Learn Winning Persuasion
Techniques that Work Like Magic by Tapping Into the Psychology of
the Mind with Persuasion Expert Duane Cunningham!
Yann, I responded earlier. hope you recieved it.
My site glaciermarketing.wordpress.com was shut down at wordpress for an unknown reason. I am leaving this message at all the blogs.
My new blog address is
marketingscoops.blogspot.com
Marketingscoops
Thanks Mark
You are right! When in business,one needs to aim for break even first, then talk about profit.
John Ho
Understanding Personalities for Better Influence & Persuasion (WordPress)
Understanding Personalities for Better Influence & Persuasion (Vox Blog)
Yann,
I agree 100%. I often have to decide whether it is worth it to drive 200-300 miles within a few days to discuss a project. I usually will set it up….
And then I’ll make other plans during that trip to see other people that I need to see so that it will be a profitable trip even if the original meeting doesn’t pan out.
We all need to know our numbers…
Seize the Day,
Rob
Personal Asset Protection For Small Business Owners
Have You Covered Your Assets?
Yann,
You are right about being complete and aware of your time and money.
Lynn Lane
http://www.Warriorofsuccess.com
Yann-
Great post! It’s a good reminder to keep one’s eye on the prize – even though you might be distracted enroute.
Great post and perspective!
Pam
Great Minds, Great Wealth: How to Raise your Return, Reduce your Risk, Cut your Cost
Yann, this is SUCH a valuable reminder, both to be flexible when necessary, and to keep track of the income and outgoing numbers right from the start and to analyze them. I don’t LIKE doing it, but every time I do it, I learn something fascinating about my business that I didn’t know before….(oh, that expo is the most overall profitable, oh, we make more profit on that line than any other, etc) THANKS for the reminder!!
SunnyMarie
Glamour and Glitz
http://www.sunnymarie.wordpress.com
Yann,
very well said. I have a few clients that are very demanding and want things done instantly. And when they ask i deliver because it’s those few that cover all my expenses. That makes it so i can be very flexible with all the rest of my clients.
Don Shepherd
oregon or bust
Great topic Yann. I do try to be aware of my time and money but it isn’t always easy.
Lisa McLellan, Child Care Expert – Babysitters, Nannies, and Au-pairs
I can’t recall who said it but it was along the lines of 80% of your profit comes from 20% of your business. Evidently holds true for energy and effort as well.
In video, I had a guy who would take all my new movies for his company……I’d put stuff on hold to help him or his rep out. Drove my boss nuts because he was always late, would keep new movies for weeks.
He would pay me LOADS of late fees without complaint.
“Knowing where your bottom line comes from.”
Thanks
JC
A good reminder that there is a certain amount of ebb and flow to the business day. If you know your statistics, you can keep your priorities straight and make the most profitable choices.
-Pat
Business Owners Fast Track to Internet Profits
This is SO KEY!
Thanks for bringing this up, Yann.
If you don’t know where your money is coming from then you’re really just flying blind.
It’s so important to have health indicators of your business that you review and watch on a regular basis.
Thanks for this. It’s an awesome post.
JJ Jalopy
Life Coaching and Home Business Advice with JJ Jalopy
Good point. We all have those clients that are particularly demamnding. I love to work with children and yet I have a few parents right now that think I am or should be available 24 hours a day. (Perhaps that’s why the kids are in therapy!)
However the reward of helping the whole family and making a living are worth it.
Jennifer
The Harwood Center – Tinnitus, Chronic Illness, Fers, Phobias, and Anxiety
what excellent advice for business owners in how to manage their time PROFITABLY and to manage their time well in conjunction with their cash flow.
All the best,
April Braswell
Online Dating Sites Review, Internet Dating Sites Guide
Spent years with Quick Books to see all the numbers. Hard part is getting the right numbers inputted. Software is useful to get the Formulas. Time Value of Money, Jay Abraham has the cost of a sale.
numbers are easier to read than a ‘story’