build,million,dollar,business, business, insurance To build a million dollar business [Part one]

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In the early days I’d ask myself, "why isn’t my business as profitable astheirs?" It took me a long time to realise the truth in Al (chain saw)Dunlap’s expression: "business is easy."It basically comes down to behaving like a CFO (chief financial officer)with a difference. That difference should include adopting million-dollarbusiness owner thinking. If a CFO isn’t generating profitable outcomesthey don’t have a job.Once you make an investment in a project, if the return is insufficient,find a way to make that project profitable or ditch it. Get rid of theunprofitable and push hard on the profitable and think big while doing it,no matter what the size of your business is now.CFO’s expect a payoff for every project sooner rather than later. On theother hand, a million dollar business operator focuses on the businesspractices that create the biggest results. They invest their time, moneyand resources expecting a big payoff. Let’s Incorporate the CFO and the million-dollar operator’s ideas and callyou a "million dollar chief financial officer" or MDO for short.MDO’s use seven strategies to guarantee the big payoff.1. Everything Is Marketing. The success of a company is based more on themarketing of the product than on the product itself. Everything ismarketing, first second and third.Realize that not all marketing opportunities are created equal. I startedoff sticking business cards under windshield wipers in parking lots. Thatwasn’t as effective as speaking to people at a seminar. I soon found thatwasn’t as effective as speaking at a national convention attended bythousands.Realise your existing customers are your best prospects. It costs more toget a new customer than it does to increase the profits from an existingcustomer. The best customer is a loyal one.Never stop marketing, no matter how well you are doing. When you get busy,you may be tempted to cut down on marketing but that’s the time you shoulddo more. If you have 3 sales people, hire twenty more. If your sales areup by 10% on last month call on 100 more new prospects to increase salesfurther.Bring next year’s targets forward to now. If you plan to have 200 more newsales per month by this time next year, plan to do the work now to producethose results now. Hire the extra sales people, make the extra contactsand start looking at prices for more office space in anticipation ofexpanding your business. Most of all, seek financing to fund the expansionnow when you don’t need it.Your partner in business, Dan To get your personalised FREE ebook on building businesses fast go to my site at:http://www.howtogrowasmallbusiness.com. If you like this information help me spread the word. Go to my blog at http://www.startingabusinessnow.com and tell me how I can help you.To build a million dollar business [Part two] By Dan CavalliHow to build a million dollar business is not rocket science. There arespecific steps and strategies to follow. This article is the continuanceof the series that explain how and what you can do to make it to themillion dollar club.2. Never Discard an Idea from Anyone. Not many business owners askemployees for their opinions. I’ve received some of my best ideas from myemployees and paid them for it when I received the pay off. Brilliantideas are generated by the most unlikely people. That’s why you as an MDO[A CFO with the million-dollar operator’s ideas, a "million dollar chieffinancial officer" or MDO for short] should take the time to talk toeveryone who asks you for your time.3. Build your Rolodex. MDO’s are selective about relationship building.The people you really need to be building relationships with should beabove your level. Get out there and visit other successful businesspeople. Take note of those who are featured in the newspapers ordocumentaries. Get to know your local successful business owner and joinassociations for businesses.Don’t confuse building up contacts with socializing and don’t givecredence to anyone just because they show up at a group event. Ideas cancome from anyone however you do need to be selective about whose adviceyou take. Always assess the value of the advice offered and don’t takeadvice from a bricklayer to value your diamond ring.4. Don’t Undervalue Yourself. MDO’s are smart buyers. They understand thatanything cheap can be expensive in the long term. But there is adifference between anything cheap and buying cheaply. I used to purchasefrom my local retailer/wholesaler until I asked for a better discount oneday and he said, "No, we have to make money too, Dan" I then asked him ifI could get it a $1 discount off a $3000 order. He said no.It took me two days to start my own import business and buy my productsdirectly from China. My supplier is probably still wondering why I haven’tplaced another order with him. He’s lost about $3000 a month for the next3 years.If you do not want to experience the above from the side of the supplier,remember to always show willingness to offer a discount even if you can’tand make sure the excuse is sold not told.Never be afraid to give someone a dollar discount. It won’t hurt you. It’snot much but the reward is in the feeling you get when you do it the rightway. Don’t get this mixed up with making a profit. People who say, "I lovethis so much I’d do it for free," this is not the MDO attitude.MDO’s aren’t in business as volunteers. A business must be profitable,otherwise it’s not an enterprise, it’s a charity. The word profit stemsfrom the Latin word profectus, which means advancement or improvement.Some people may be happy to start small and grow slowly, but MDO’s buildbusinesses fast, to last and they fully intend to make money.Your partner in business, Dan To get your personalised FREE ebook on building businesses fast go to my site at:http://www.howtogrowasmallbusiness.com. If you like this information help me spread the word. Go to my blog at http://www.startingabusinessnow.com and tell me how I can help you.To build a million dollar business [Part three]By Dan CavalliHow to build a million dollar business is not hard. There are techniquesyou can use to ensure this happens. This article is the third in theseries that explain how and what you can build a million dollar businessin record time.5. Expect and Plan for Failure. MDO’s [A CFO with the million-dollaroperator’s ideas, a "million dollar chief financial officer" or MDO forshort] know that no matter how successful they are, no business isunsinkable. Nothing is infallible. The Titanic sank on its maiden voyage,but if you’re prepared, even enormous icebergs won’t sink you. I am criticised all the time because I look at what could happen in thefuture. Once identified, I put a strategy in place to side step thepotential mishap, should it raise its ugly head. I’ve missed a few timesand was badly hit but I’ve learned from the experience.6. Keep Your Team Small But Great. Al Dunlap says in his book "MeanBusiness", keep your management team small and close to you and that theyhad better be great in their job and dependable. When I started out inbusiness I took these words of wisdom at face value, applied them to mybusiness and found them to be true.People have burnt me when I have let my guard down. Never trust a personwho doesn’t keep their word. It identifies a weak character and that ispoison in a business.Never be reliant on a person who doesn’t have a good character. It is thedeath knell of a good management team and business if you let any suchperson into your midst.7. Top Things to Do To Grow Your Business Big • Always think big andimplement strategies that will grow your business • Set financing in placebefore you need it • Develop a strategic plan emphasizing marketing. •Choose a name that tells what you do and not who you are • Build contactswith professionals and other business people • Prepare a backup plan forsurvival in case of potential failure • Start, continue and never stopbuilding your customer database • Don’t quit your day job until you’remaking real money. • Don’t take advice from bricklayers • Don’t invest inunnecessary bells and whistles • Don’t try to do it all yourself. Developa great team of managers • Don’t cut corners on image • Don’t get addictedto time-stealers like e-mail and voice mail. • Don’t let stress wear youdown. Remember stress makes a MESS.Your partner in business, Dan