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How to be Successful the Second Time Around

February 26, 2023 by Mike Iverson

I recently read an article about a study conducted on over 65,000 Swedish earlier stage start-up companies and their owners who successfully exited one company and moved on to their next company.  It pointed out that the second time around for the entrepreneur was not always a success.     Most business owners after they exit from their business seem ready soon after to start another venture.  This includes business owners that transition to the buyer company, but find out that they can’t work for anyone else anymore.

The second business often under-performs compared to the first one.  Why?  There is no one reason why the same skills and leadership that got them a first successful company exit does not work the second time around.     In some cases, the entrepreneur fails to understand the significance of timing and those “make-or-break” moments where their intuition helped lead the first company to its success.  They sometimes forget or underestimate how much effort it takes and the chance events that got their first company the results needed to succeed.

So what are the ingredients for a happy exit?  It depends on the person; however, some common strategies included: The business owner visualizes what life looks like after exit.  They don’t wait for the exit to happen and then decide, rather they are proactive about it before exiting. Test driving the next venture prior to exiting the first one Setting clear goals, deadlines, and amount of capital that will be committed These are just a few of the ideas that can help a business owner avoid moving onto a second or third business venture that ends up disappointing.

Here’s to your next venture! Mike

Filed Under: Business Growth, Business Planning, Employer Tips, Financial Modeling, Key Performance Indicators, Leadership, Numbers Coach TIPS, Personal Development Tagged With: business financial planning, business planning, business strategic planning, entreprenuership, financial leadership, leadership, leadership characteristics, leadership habits, leadership strategy, leadership style, leadership traits

How To Avoid “Death By Meeting”

February 17, 2023 by Mike Iverson

Have you ever been in a meeting that went on and on and on with no clear action and nothing done differently afterwards? I know I have, and this common experience is the premise of the book Death By Meeting by Patrick Lencioni.

Lencioni suggests that meetings should not last any longer than 30 minutes.  As Parkinson’s Law indicates, work expands to fill the time available, so if you don’t set a limit to the meeting, it can drone on way too long.  And especially these days, now that Zoom meetings are the norm rather than the exception, we need to keep meetings short and to the point so we can all get away from our webcams.

Why 30 minutes?  I have not found a scientific study to explain why; however, for me personally, I see a higher level of intensity by participants because they know 30 minutes is the limit.  It seems people listen more intently when things move faster and we are engaged.  People tend to come prepared and are ready to get started on time.  (And if not, they will the next time!)

Try implementing these three tactics to make your 30-minute meeting more powerful:

  1. Tell everyone to read any materials before the meeting. Ask the important question: “What outcome do we want?”
  2. Decide on the one thing to focus on in the meeting that will make a difference and stay on it for the 30 minutes.
  3. It’s what happens after the meeting that will tell you if the meeting was good or not. Take action with a summary and clarity on the action steps and accountability.

Try some of these tips for your next (30-minute) meeting and let us know how it goes!  We’d love to hear your feedback at mike@trilliumfinancial.com.

Filed Under: Business Growth, Business Planning, Human Resources, Leadership, Numbers Coach TIPS, Personal Development, Productivity Management Tagged With: business meeting, business meeting planning, business planning, company meeting, company strategy meeting, department meeting, meetings, poor business meetings

Is Your Vision This Good?

February 17, 2023 by Mike Iverson

I often get confused on what makes up a good vision.  My finance background does not exactly lend itself to visionary thinking—we are trained to look at the present and history.  I know one underlying trait of a good vision is that it should be timeless. 

One of the great examples of this notion is the vision that Walt Disney wrote himself over a half century ago and still remains true today for the Disney company:

“Physically, Disneyland is to be a small world in itself.  Encompassing the things that were good and true in American life…. dedicated to the ideals, the dreams, and the hard facts that have created America.  I don’t want the public to see or think about the world they live in when they are inside our world created for them.  Beyond the physical places, we want to bring people along into an entirely different world, with our philosophies and idea, our characters, our stories, our past, present, and future, so they are part of it and never want to leave it.  At age 12 or at age 62, we want them to feel curiosity, wonder, awe, fascination, joy, and attachment.  Within this world, we want them to experience discovery and adventure, fun and entertainment, education, participation, and recognition. They will not just come to visit our places or to the theater to see our films. They will bring us into their homes and into their hearts.  We will never settle for having customers or fans – they will be Disney people.  This world will never be completed, it will always be under construction; expanding, diversifying, playing more and more roles in peoples’ lives.”

When I read this vision statement and think about the time I visited Disney World with my young kids, I am awestruck with how this so closely aligns with my family’s experience.  Walt Disney built his visionary idea in such a manner that it strikes emotion into many who have experienced Disney films, theme parks, and books.  I did leave my world behind and entered the world of Disney when we visited…it was truly magical.

So, what can we do to create a vision that can elicit a similar type of feeling and experience?  Start with asking yourself these questions:

  • Is your vision written in a manner that evokes emotion, or does it just feel like cold facts?
  • Is it about your customers’ experience with your products or services….an external focus?
  • Is it written with the intensity that you want your customers to feel, regardless of length?  (Obviously, Walt Disney’s vision statement was not written with the notion “It’s got to be short or people won’t remember it”)
  • Is it timeless?
  • Is it one that will be incomplete?

Simon Sinek did a TED talk with the theme of “Start with the Why”:  Why do people buy your product or service?  If you can answer that, it gives you a way to think more clearly on what your vision should be. 

Cheers to your clear vision that will remain true throughout time,

Mike

Filed Under: Business Growth, Business Planning, Employer Tips, Human Resources, Leadership, Numbers Coach TIPS, Personal Development, Productivity Management Tagged With: business planning, business vision, business vision statement, company planning, company vision, company vision statement, vision statement

7 Little Strategies that Equal Big Success

December 29, 2022 by Mike Iverson

It is often practicing the simple habits that result in running a successful business. There are proven leadership methods that can make the difference between a growing and profitable business that stays afloat, and one that sinks. You’ve heard it before: Work smarter, not harder.

Here are 7 tips to do just that in this new year:

  1. Watch cash flow. Poor finances can ruin any business, so it is imperative that a small business owner understands how to keep the cash flow steady, spend intelligently, and grow the business intentionally. Regular cash flow projections are an important ingredient to ensure you don’t run out of cash.
  2. Follow the leader. It’s key to learn from people who have achieved goals like yours. It’s lonely at the top, but having a mentor, or being in a business leader program, are smart and simple options.
  3. Track spending! It’s easy to go overboard on certain areas of your business, such as marketing. Pay close attention and track spending to determine what spend activities work and why.
  4. Know your strengths and hire for your weaknesses. Hire people who can complement your skills and help fill in your blind spots. Think efficient use of energy and resources.
  5. Take a minute to plan. Strategizing and planning can oftentimes be easier said than done. However, spending time on this activity up front will lead to greater successes and less risk in the long run. Successful companies have vision and execution.
  6. Get in the right mindset. Having confidence in your ability and knowing you can achieve success matters. Don’t underestimate your subconscious’ s ability to impact goals. Visualization techniques and the use of mantras you can live by can drive that impact. “Slow is smooth, and smooth is fast” is a mantra used by the Navy SEALS when they are under pressure situations.
  7. Delegate, delegate, delegate. There are people who can do it as well, if not better, than you can. Hiring the right people and clearly outlining their responsibilities will make your job easier and your company more effective. Micromanaging can be detrimental to your success.

Some successes in life are owed to good luck and good timing, but the majority are the result of good leadership, efficient use of resources, and seeing opportunities to take. The strategic habits we implement in our business are an important part of its success.

Filed Under: Blog, Business Growth, Business Planning, Cash Flow Planning, Employer Tips, Financial Modeling, Financing a Business, Key Performance Indicators, Leadership, Productivity Management Tagged With: business planning, business strategy, company strategy, habits, leadership strategy, leadership traits, strategic planning, success, success habits, successful characteristics, traits of success

The Positive Power of a Flexible Workplace

March 10, 2022 by greenmellen

Employers, employees and studies say remote working in many instances can result in more productivity. The past two years guarantee that an increase in remote working will be a permanent result of COVID-19.

When people work from home, they have more control over their time and working environment. Employees work when they are most productive, which is not always regular business hours. People who work from home tend to dress comfortably and can fit more exercise and sleep into their schedules.

Traditionally, extra sleep and comfy attire for staff are not high on the list of employer goals. In fact, it may seem like these factors are counterproductive. But many employers say remote work has had a direct and positive result on business. Employees are happier, healthier (more sleep and exercise), take fewer sick days and accomplish more than those who spend the entirety of their work hours in an office.  Communication by text, email, Zoom and phone is proving to be more efficient as people focus more intently on their time management with these channels.

Call center employees, for example, take more calls when they work remotely, in part due to less noise and generally fewer distractions at home (apart from slightly distracting unsupervised toddlers), as opposed to a busy office.

Job satisfaction tends to increase without a daily commute. There is the appeal of a commute-free lifestyle. Statistics show that traditional commuters suffer from high blood pressure, high blood sugar and high cholesterol, more often than those who commute from the kitchen to the office down the hall. Increased anxiety is also associated with a commuter lifestyle.

People value a remote workplace option and may opt to take a pay cut for a job that offers it.  Having the flexibility to work even with a hybrid model of home office and work office environments can add a dimension to a job that makes it attractive.  The greater acceptance of a work-from-home option has opened the opportunity to reduce geographic limitations when recruiting.  Hiring employees is not cheap and a high rate of employee retention helps both overall morale and the bottom line.

Pandemic-life has proven that working remotely, at least part of the time, is feasible and profitable. Businesses can use remote working to their advantage to pivot their company and meet the demands of a new reality.

Filed Under: Employer Tips, Human Resources, Leadership, Numbers Coach TIPS, Personal Development Tagged With: business planning, employee engagement, employee management, employee wellness, hiring employees, leadership

Focusing On Your Company’s Vision Statement

November 4, 2021 by greenmellen

Dreams. Goals. Future. Inspiration.

These are all are words associated with a vision. Together, a company’s visionary words are often called a “vision statement.”

The phrase “vision statement” (and its cousin, the “mission statement”) often seem to trigger the eye-roll reflex in business people. (Go ahead, try it at your next networking function.)  Better yet, ask an employee to tell you their company’s vision statement. Do they know it?

The best vision statements – those that employees repeat without looking at the ceiling and with conviction – are not just a string of words that sound lofty and professional. They are timeless, simple, descriptive, and inspirational. They encompass a company’s values. A vision statement with impact defines a company and its direction.

A vision statement isn’t the same as a mission statement: while a vision statement is about the future, a mission statement is about the present. Vision statements are less specific and more “big picture” than mission statements. Your mission is the pathway to your vision.

To build a vision statement, consider starting with questions like: What resonates? What doesn’t? It’s important to differentiate your company. Next is good ol’ brainstorming. If possible, include all employees; otherwise, choose a diverse sampling representative of all. Focus on future goals that have real meaning. The hope is that employees will consciously work toward a collective purpose when they make day-to-day decisions. It should be a constant reminder that even small, everyday actions are essential to meet future goals.  The vision should be timeless.

The length of a vision statement isn’t important; some are short and pithy while others are a full paragraph. What matters is that a statement is one that employees believe in and customers believe. It is a waste of time to come up with a vision statement if no one buys it. Don’t overthink it. Just be real.

Here are the vision statements of several well-known brands:

  • Hilton Hotels and Resorts: “To fill the world with the light and warmth of hospitality.”
  • Samsung: “Inspire the world, create the future.”
  • Pepsi Co: “Our vision is put into action through programs and a focus on environmental stewardship, activities to benefit society, and a commitment to build shareholder value by making PepsiCo a truly sustainable company. At Pepsi Co, we’re committed to achieving business and financial success while leaving a positive imprint on society—delivering what we call Performance with Purpose.”
  • LinkedIn: “Create economic opportunity for every member of the global workforce.”
  • One of the great examples of a vision statement is one that Walt Disney wrote himself over a half century ago and still remains true today for the Disney company:

“Physically, Disneyland is to be a small world in itself.  Encompassing the things that were good and true in American life…. dedicated to the ideals, the dreams, and the hard facts that have created America.  I don’t want the public to see or think about the world they live in when they are inside our world created for them.  Beyond the physical places, we want to bring people along into an entirely different world, with our philosophies and idea, our characters, our stories, our past, present, and future, so they are part of it and never want to leave it.  At age 12 or at age 62, we want them to feel curiosity, wonder, awe, fascination, joy, and attachment.  Within this world, we want them to experience discovery and adventure, fun and entertainment, education, participation, and recognition. They will not just come to visit our places or to the theater to see our films. They will bring us into their homes and into their hearts.  We will never settle for having customers or fans – they will be Disney people.  This world will never be completed, it will always be under construction; expanding, diversifying, playing more and more roles in peoples’ lives.”

What is your vision statement?  Can your employees recall it?  Maybe not verbatim, but in the context you want them to remember it?  Your vision is your destiny.  Take the next step and write it down to be the guiding light on your business journey.

Filed Under: Blog, Business Growth, Business Planning, Employer Tips, Financial Modeling, Leadership Tagged With: business planning, business strategy, company planning, company strategy, company vision, company vision statement, strategic planning

Numbers Coach Helps Medical Firm Stay Financially Focused

March 23, 2021 by greenmellen

The Company

 Georgia Pain and Spine Care (“GPSC”), founded by Dr. Charles Brownlow in 2010, is a leading pain management medical services firm that provides comprehensive solutions to help restore each patient to their original lifestyle.  The company uses progressive approaches to pain management with education, counseling, and minimally invasive procedures.  Their mission is to relieve pain, increase productivity, and improve the quality of life for its patients using technologically advanced treatment regimens through is various metro Atlanta offices.

Situation

 In 2020 the GPSC team wanted to enhance their financial management and reporting capabilities.  They wanted to create a platform to communicate the company’s key performance indicators (“KPI”) and help educate its key team members on what drives its company’s financial results.  In addition, the GPSC team wanted a “road map” that could guide them as they made financial decisions impacting strategies for growth.

Solution: The Numbers Coach Financial Leadership Services

 The Numbers Coach (“NC”) financial leadership services were an ideal fit for developing GPSC’s performance metrics.  NC developed a financial scorecard to focus on the financial measurements that drive company profits and cash flow critical to sustained profitable growth.  The scorecard offers an “at a glance” view of results.  NC developed a financial model from its proprietary software the Numbers NavigatorTM .  The software provides a road map for the GPSC team to see where they are headed with profits and cash flow.  The software’s rolling financial forecast provides the GPSC team with a tool to make critical decisions “on the go” to achieve their desired results.

Results

NC pulled together financial and non-financial data to complete a scorecard and financial model.  Each month NC meets with the GPSC team to methodically review results and provide the input and analysis from the Numbers NavigatorTM financial software.  From the monthly financial coaching meetings, the GPSC team can take actions on activities that improve the company’s bottom line results.

For more information on Georgia Pain and Spine Care visit www.gapaincare.com

To learn more about the Numbers Coach financial leadership services, click here

“Mike has become an important part of our team.  His understanding of financial processes, cash flow, and approach to educating us on our results gives our team the right tools to help us understand how to navigate our finances successfully and stay focused on our financial goals.”  

Dr. Charles Brownlow, Founder / Medical Director
 

Filed Under: Business Growth, Business Planning, Case Study, Employer Tips, Financial Modeling, Key Performance Indicators, Rolling Financial Forecast Tagged With: business coach, business coaching, business finances, business financial planning, business planning, coaching executives, financial analysis, financial education, financial habits, financial leadership, financial management, leadership coaching, numbers coach

Do You Need to Check Your Vision This Year?

February 25, 2021 by greenmellen

I often get confused on what makes up a good vision.  My finance background does not exactly lend itself to visionary thinking—we are trained to look at the present and history.  I know one underlying trait of a good vision is that it should be timeless.

One of the great examples of this notion is the vision that Walt Disney wrote himself over a half century ago and still remains true today for the Disney company:

“Physically, Disneyland is to be a small world in itself.  Encompassing the things that were good and true in American life…. dedicated to the ideals, the dreams, and the hard facts that have created America.  I don’t want the public to see or think about the world they live in when they are inside our world created for them.  Beyond the physical places, we want to bring people along into an entirely different world, with our philosophies and idea, our characters, our stories, our past, present, and future, so they are part of it and never want to leave it.  At age 12 or at age 62, we want them to feel curiosity, wonder, awe, fascination, joy, and attachment.  Within this world, we want them to experience discovery and adventure, fun and entertainment, education, participation, and recognition. They will not just come to visit our places or to the theater to see our films. They will bring us into their homes and into their hearts.  We will never settle for having customers or fans – they will be Disney people.  This world will never be completed, it will always be under construction; expanding, diversifying, playing more and more roles in peoples’ lives.”

 

When I read this vision statement and think about the time I visited Disney World with my young kids, I am awestruck with how this so closely aligns with my family’s experience.  Walt Disney built his visionary idea in such a manner that it strikes emotion into many who have experienced Disney films, theme parks, and books.  I did leave my world behind and entered the world of Disney when we visited…it was truly magical.So, what can we do to create a vision that can elicit a similar type of feeling and experience?  Start with asking yourself these questions:

  • Is your vision written in a manner that evokes emotion, or does it just feel like cold facts?
  • Is it about your customers’ experience with your products or services….an external focus?
  • Is it written with the intensity that you want your customers to feel, regardless of length?  (Obviously, Walt Disney’s vision statement was not written with the notion “It’s got to be short or people won’t remember it”)
  • Is it timeless?
  • Is it one that will be incomplete?
Simon Sinek did a TED talk with the theme of “Start with the Why”:  Why do people buy your product or service?  If you can answer that, it gives you a way to think more clearly on what your vision should be.
Cheers to your clear vision that will remain true throughout time,
Mike

Filed Under: Business Growth, Business Planning, Employer Tips, Leadership, Numbers Coach TIPS, Personal Development Tagged With: business planning, business strategy, business vision, business vision statement, company strategy, company vision, company vision statement, leadership strategy, mission versus vision, strategic planning, vision statement

Every Business Needs a Plan. . . But it Doesn’t Need to Be Long

January 21, 2021 by greenmellen

When a business owner wants to attract a business partner or hopes to raise investment capital, he or she needs a way to show where the company is headed. A business plan is the right tool for the job.

Many entrepreneurs don’t have business plans because they are unsure about how to begin, and the process seems terribly time-intensive. But, a business plan doesn’t have to be elaborate. In fact, the trend is toward something simple.

Have you heard of a one-page business plan? It is certainly a far cry from a traditional business plan that often runs 15 to 50 pages. A one-page plan is specifically requested by some investors, because they find it difficult to read all of the investment proposals that come to them.

The One-Page Business Plan

Proponents of a one-page plan believe there’s a great deal to be said for brevity. Most investors have neither the time nor the inclination to read more than the absolute essentials.

For instance, a one-page business plan is likely to describe:

  • The customer needs that your business addresses
  • Your products or services
  • Your principal customers
  • Your chief competitors
  • Your competitive edge
  • How you make money
  • Your management team
  • A financial summary
  • Your funding request

If you provide all the information on the list above, it’s likely enough for the typical investor. So, let’s focus on how to get all of the facts onto a single page.

For starters, don’t worry about writing complete sentences, and don’t spend time trying to make your plan look stylish. Commit to simplicity. Waste neither words nor space. For example:

Customer Need that the Business Addresses: LED lighting solutions for a variety of manufacturing applications

Products Sold: LED assemblies customized to a manufacturer’s specifications

Principal Customers: Warning Lights of North Georgia — 13% of annual sales; no other customer is > 5% of sales

Once you have compiled all of the information, consider hiring a professional to improve the presentation. A talented graphic designer can turn your information into a much more attractive page in a couple of hours by using business-appropriate spacing, fonts and icons that provide some visual interest.

As an alternative, software packages are available that provide templates for one-page business plans. Just answer the questions at the interactive prompts. It’s an easy, albeit more expensive, way to get started.

With a 20-year record of success, The One Page Business Plan Company is a testament to the power of the single-page approach. Its software solutions are cloud-based. If your business is ready for something more than the bare essentials approach, its one-page templates can help you develop:

  • A vision for your business success
  • A mission statement
  • Objectives
  • Strategies
  • Action plans

If you would like to get an example of a one page business plan that Trillium has used for clients feel free to send us an email request and we will send it out to you in a Word template form.

Filed Under: Business Growth, Business Planning, Leadership, Numbers Coach TIPS, Personal Development, Tax Planning Tagged With: business financial planning, business planning, business strategic planning, business strategy, cash planning, company planning, company strategy, strategic planning

Why a Slow Economy Doesn’t Have to Mean Dire Straits for Your Business

May 13, 2020 by greenmellen

Is the slowing economy adversely affecting Atlanta’s businesses, or is it a great time to be in business?

Well that depends mostly on your recent revenues. But even if those are in reverse, a slowing economy can be a great time to take advantage of some opportunities and position your business to come out of the gate at full speed when the economy takes an upswing.

We wanted to hear what local professionals in finance and business had to say about the current state of affairs. CFO service provider Mike Iverson and Vistage Chair Tim Fulton had some good tips for bad times.

Cash is King

The first step to understanding how to make sure your glass is half full is to assess your financial situation and understand exactly how much cash and credit you have. Even if cash flow is good, “Now would be a good time to go the bank,” says Mike Iverson, CPA and Principal of Trillium Financial, “before the economy gets worse or your company financials get worse. Go to the bank and make clear why you want a line of credit and what you will use it for.” It’s important to be proactive when it comes to having the cash stores ready. If you wait until you need it, your statements probably won’t look as good, and the bank may decline a loan or line of credit. Planning ahead is always a good thing. “The key to survival in an economic downturn is to out perform the market, and accumulate cash”, says Tim Fulton, a Vistage International Group Chair which works with over 14,000 chief executives in 16 countries.

Another aspect of understanding your capital position is modeling. How long can your business last with a certain amount of decline? What will you do to make sure you can weather the storm and start growing again? Imagine the various scenarios – even the truly ugly ones – and devise solutions before they come to fruition. You’ll be able to think more clearly in the face of adversity if you have a battle plan and, again, a line of credit to back you up. This doesn’t mean that you have to focus on the worst case scenario, just plan for it, then focus on your everyday business.

Modeling the tough situations is especially important if you are in a cyclical business; for example, the automotive industry. When the economy hits the skids, the average car dealership will probably see sales decline rapidly. Managers must have enough cash reserves to ride out the storm, and to pay for overhead and inventory so they can still be in business a year from now.

If you are a manufacturer, or a company that manages a lot of inventory, be mindful of your production capacity. You don’t want to continue to run at full capacity and end up with an overstock. Go to your clients and continually measure what they anticipate ordering from you in the next two to three months. For production purposes, you might have to scale back so the inventory on hand can be used, and not end up obsolete. On the positive side, manufacturers are usually the first to see orders are picking up. They’re not necessarily the canary in the mine shaft, but these businesses tend to provide a leading indicator.

The Positives of Slower Times

Once your cash situation is well-positioned, the glass is definitely half full. Now is the perfect time to expand your business through capital investments such as acquiring a struggling competitor. You can often take advantage of businesses being sold at fire-sale prices.

“When the economy bottoms out, there will be an abundance of great investment opportunities,” says Fulton. “The business owner with cash will be in a strong position to take advantage of these opportunities.”

Companies with cash can also get the upper hand over competitors by investing in the introduction of new products and in new technology that other business can’t afford. “If you can do any of these things”, says Iverson, “you’ll be in a different place than your competitors because you will be nine to twelve months ahead of them.  You will have something to offer customers that your competitors cannot.”

Companies who differentiate themselves in this way will be growing when everyone else is declining. Constantly look at opportunities to grow with products and services that will serve others struggling with hard economic times and continue to help them through good economic times,” says Iverson.

Another way to grow through a slowing economy is to ramp up marketing. While other companies cut their marketing budgets, Fulton recommends against this instinct. “Be very, very focused in your marketing strategies. This is not a time to be spending a lot of money on broad branding efforts. It is a time to be laser-focused on acquiring new clients and retaining profitable existing clients,” he says.

Iverson agrees. “Marketing is the last place you should cut back,” he says. “Marketing initiatives are priming the pump to create your sales engine. If you cut back on that, you cut back on future sales and opportunities. If everyone else cuts back on marketing, you will stand out even more, possibly turning that half-full cup to overflowing.”

Filed Under: Blog, Business Growth, Business Planning, Cash Flow Forecasting, Cash Flow Planning, Employer Tips, Financial Metrics, Financial Modeling, Own Your Numbers, Rolling Cash Flow Forecast, Rolling Financial Forecast Tagged With: business financial planning, business planning, business strategic planning, cash flow forecast, cash forecasting, cash planning, financial analysis, financial habits, financial management, financial metrics, strategic planning

Selling via email? Absolutely – but use these tips for success

November 6, 2019 by greenmellen

Communicating with sales targets via email was probably not an option for your parents’ generation of workers. Yet email is a crucial tool for today’s salesperson. But these days, as we know too well, it’s impossible to read all incoming emails. So only “smart” emails will make it through your prospects’ filter.

Here are a few tips on how to craft and send emails that actually get read:

Best time to send:  According to Mailchimp, most emails are opened at the end of the workday, between 2:00 and 5:00 p.m. So, send emails in the afternoon to be first in line. A study by Experian shows that the most emails are read on Tuesdays. Why? Maybe because the Monday rush has passed. Maybe people are moving toward a four-day work week, whether their companies approve or not. Whatever is happening, send your most important sales emails on Tuesdays if possible.

Choose subject lines carefully:  Studies also show that the subject line makes or breaks an email: 35 percent of people decide whether to open an email based on the subject line. So a “cold call” email has got to have a short, interest-catching subject line.  Email open rates drop by 60% when the subject line is more than three words, so keep it short and concise.

    • There are also certain words in a subject line that increase the likelihood of it being opened. It may seem unoriginal, but words such as “alert,” “new,” and “free delivery” in the subject line (not only those words, of course) seem to pique recipients’ interest. Of course, the subject line should match the email content. Interestingly, words like “report” and “learn” in the subject line are likely to get your email escorted to the trash bin – perhaps because they allude to committing time that people just don’t have!

Content that inspires action:  Now we come to the content inside the email. The message should be friendly, concise, and action-triggering. It should have helpful information: why your product or service is better, what you want the recipient to know, what you want them to do next. People are busy; if it isn’t relevant to the receiver at the time, it’s clutter, no matter how fabulous you are. Give them a reason to reply!

So, send sales emails – but send smart sales emails. And think before you send each one. The last thing you want to do is flood someone’s inbox until your name equals “Junk Mail” in their mind.

Filed Under: Business Growth, Employer Tips, Financing a Business, Leadership, Numbers Coach TIPS, Personal Development, Productivity Management Tagged With: business growth, business planning, email marketing, marketing, marketing tips, sales funnel, sales management, sales pipeline

Numbers Coach Helps Medical Company Acquire a Healthier Bottom Line

July 17, 2019 by greenmellen

What are the best ways to grow a company?  You could increase transactions, raise prices, or launch a new marketing campaign.  Sometimes, however, a merger or acquisition is the best strategy a company may adopt for rapid growth.
Choice Care began looking for companies that they could purchase to accelerate its growth plans. However, they knew they would need the voice of experience to help guide their decision, so they turned to the Numbers Coach (“NC”) for help. 

The Company

Choice Care Occupational Medicine and Orthopaedics(“CCI”) was founded by Dr. Ish Khan to develop a 21st Century model which blends the two specialties of occupational medicine and orthopaedics. His unique program is the only program of its kind in Georgia and has proven to greatly enhance the quality of patients’ medical care while generating dramatic cost savings.  CCI grew to five locations in the metro Atlanta area .

The Situation

In 2013, Dr. Khan and his team were approached by a company that wanted to expand its presence in the Southeast.  They were looking for a strategic acquisition that would make it a major player in CCI’s market.  A letter of intent with an offer price was provided to Dr. Khan, who accepted the offer.

The Solution: Trillium Financial’s M&A Support Services

NC’s, Mike Iverson, had been providing financial leadership services to CCI since 2012.  For the due diligence process that CCI was about to embark upon, Mike served in a key role facilitating and coordinating financial due diligence activities.  In addition, the ongoing financial management tools implemented by NC as part of it’s financial leadership services helped the organization focus on bottom line results during the due diligence and negotiation phase of the transaction.

The Results

NC was able to efficiently and effectively pull together the required financial and non-financial information to meet the due diligence deadlines.  NC’s comprehensive and methodical approach to measuring and reporting financial results helped ensure the information was provided for all phases of the transaction.

According to Dr. Khan, “Mike has been an integral part of our team over the years.  His solid understanding of our business and its needs for financial reporting, combined with his disciplined approach were important factors in positioning CCI for a successful exit.  I cannot imagine having to go through the acquisition process without Mike.  He was instrumental in pulling mountains of data in a timely fashion.”

How can the Numbers Coach help your business acquire a healthier bottom line?  Contact us to discuss.  

Filed Under: Acquisition of Business, Business Growth, Business Planning, Case Study, Mergers Tagged With: business growth, business planning, exit strategy, mergers and acquisitions, sale of a business

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