Lessons
How To Move Forward and Make Money with Susan Schreter
How To Move Forward and Make Money with Susan Schreter
1Course Introduction
02:46 2Improve Your Business Mindset
08:36 3How to Fund Business Growth
07:20 4The Dangers of Need-It-Now Funding
05:05 5Steps to Build Your Plan B
08:00 6Create Value in Your Business
07:18Lesson Info
Improve Your Business Mindset
What are business owners calling me up about these days? What are the questions they're raising with me? It's an unprecedented time. Covid has wreaked havoc on America's small business community. So where do we start? How do we recover the surprising answer that when I'm talking on the phone to business owners who are calling me up in a panic is my starting point is with them, with the owner, with the founder, with the founding partners, with their mindset. And it's amazing how much time we spend on just getting the owner back to neutral. I call it time for a reset the mindset and for our purposes here, I have four recommended areas that need a reset to your mindset. What are they, number 1? Do you think everything is going to get well again, once we go back to being quote normal? No, we're not going back. You want to go forward. You have to start thinking ahead. Your customers have changed, the world has changed. Your lenders have changed. Everybody is approaching business with a new ...
updated attitude. Let's get you out of here and up to here. What happened yesterday should not impact too much your tomorrow and it certainly shouldn't impact your thoughts and approach as a leader of your business. Stop looking backward now, let's move forward. It's time. Here's one other recommendation. As you're pulling your team back to the office, back to the back of the restaurant, back to the warehouse. We're back on zoom. Don't say there will be big changes around here because if you do, your whole staff will freeze up in fear and resistance. Here's my recommendation. Let's replace the word change with improvement. If you want to work together as a team and inspire your team to greatness, ask them what they can do, what are their ideas on how you can improve your business? Some ideas will be good. Some won't be. But you're asking and the focus is on improving everything you do in business. That's part of your plan B. Now, the second area to reset your mindset is stop wallowing. Stop thinking. That now is not the right time for you to get back to business. It's too soon. I want to tell you a little story. Years ago when I worked in investment banking and private equity in new york, I had the incredible opportunity to meet a ceo of a business that when I was studying his numbers in the history of his business. Um, the industry, he operated in face double digit interest rates, a bad economy. A bad industry, customers were just not working. But yet this owner was improving. They were selling more. They were stealing customers all in the same environment. The whole industry was down yet his company was growing. I asked him why it came down to his mindset and he used the word wallow. And so while all your competitors are wallowing and hesitating now is the perfect time for you to jump forward build, steal those customers get going while everybody hesitates and pauses and waits for more information. You can get out there ahead of the pack. So what's the third area to reset your mindset? Okay. We're coming out of troubled times. Everybody's knee jerk reaction is I've got to lower my prices in order for me to get business in order for me to attract customers to my restaurant. I've got a coupon. I've got to lower my my prices. I've got to make it easier for my customers to say yes, I say no, guess what? There will always be somebody who will bid lower than you are low. And that is the fastest way to decimate your business. There is a better way. I coach all of my clients to favor products and services where you can charge more and you'll look in the lessons and really dive into the lessons about establishing good gross profit margins for everything you sell. But the point is, charge more. Don't charge less. You're not going to come out of this whole situation. The bad covid environment with strength. If you were undercutting yourself and your business and your staff and your employees don't do it. Charge more, you're worth more. Believe that you are worth more. Here's a little story. Couple weeks ago, I hired, I interviewed three different vendors to paint the exterior of my house. Did I go with a low bid? No. It's almost as if the owner who pitched me that got my business, who is charging more Actually the most had taken classes from me before. What did he do? Right? He explained in specific detail why his service was worth the higher price. He explained all the extra work they did to deliver excellence. My service delight. And guess what He got the business and he did the incredible job that he promised. So your takeaway is go back work with your employees. How do you deliver delight? Start going through your restaurant menu. Specialize in something, identify what you are known for and charge big bucks for it. That's how you pull yourself up higher prices, improve your company's bottom line specialized. Make it wonderful right now. America is hungry for new tastes. We are hungry to smell wonderful things here, great music. We want that from you, and we will pay top dollar for that delightful experience. Give it to us, but not at a discount. No coupons necessary. Deliver wonderful and charge for it too. Here's my favorite mindset reset. Do you think you're not good with numbers? I can't tell you How many business owners over the last years have said. The reason why they're in trouble is they're not good with numbers, wow. Let's get you out of that thinking right now. Do you know how to add two numbers? subtract divide multiply. Do you know how to calculate the percentage? I bet you do. Guess what? I bet you learned this in the fifth or sixth grade. And those are all the numbers. You need to do your better plan B. When you go through and dive into my courses, you'll learn this too. It's as simple as adding, subtracting multiplying and dividing. Yes. You have to know which numbers to play with. But that's the easy part. Yes. You may come across terms that are new to you, but don't ever say to your staff to yourself at night. You're not good with numbers because you are in the fifth grade, you had all the arithmetic you needed to be a very successful business owner.
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