Author: Finola Annibella

How To Use Business Stories To Boost Your Bottom Line (webinar)

Submitted By: Karen Susman and Associates

Start Date: 8/12/20 11:00am

End Date: 8/12/20 12:00pm

RSVP Info:

Is RSVP required: No

URL to RSVP at:  https://crosscountrymortgage.zoom.us/webinar/register/WN_9wkVbNQbTyuEBShKT7lxfA

Phone for RSVP: (303) 756 6939

Creating Predictable Revenue: How to Consistently Convert Leads into Paying Clients

Submitted By: Dean Isaacs (Vantage Group) & Ian Campbell (Mission Suite)

Start Date: 8/19/20 2:00pm

End Date: 8/19/20 3:00pm

RSVP Info:

Is RSVP required: No

Zoom Link to Pre-Register: https://us02web.zoom.us/webinar/register/WN_XpqQw4qVT_C6bVsnIxn8zw

If you have ever struggled with consistently converting enough leads into paying customers, join Dean Isaacs and Ian Campbell on August 19th for this webinar.

So any business owners feel like their time spent on generating leads is wasted. Why?

They don’t know how to convert those leads into sales and create a predictable method to turn those leads into PAYING clients.

So pull up a chair with Dean and Ian as they discuss how to bring your buyers into the final stages of their journey and turn them into paying clients predictably.

We are thrilled to have motivational speaker, Brad Montgomery, as our in-person speaker for our August meeting at the Aquarium!  The Zoom option will still be available and will be of our in-person meeting.  If you decide to stay home and Zoom for this meeting, you will not miss out on anything other than seeing Mike live!  More about our speaker …

Brad teaches people how to use happiness to boost productivity, creativity, innovation & profits.  He turns typical meetings into transformational events using, the power of happiness.  Oh, and he’s pretty funny.

Brad has transformed audiences in all 50 states and on four continents.  His clients include Microsoft, Verizon, the FBI (yes, that FBI) the CIA (yes, that CIA) and the IRS (where he withheld 30% of his best strategies.)

Brad specializes in using humor, interactivity, sound, music and visuals to ignite audiences so that they can use happiness as a tool to improve their lives and their jobs.

Audiences and meeting planners describe Brad as “authentic.”  He’s a real guy on stage and off.  Thinking of a canned & over-polished motivational speaker?  Brad is the polar opposite.

Other speakers TALK about happiness.  But Brad SHOWS them how to harness the power of happiness in hands-on experiences that they’ll remember and implement.  It’s the difference between a “speech” and an “event.”

If you need the Zoom link, please reach out to Finola @ Finola.Annibella@yahoo.com.

Karen Susman (kdsus@aol.com, 720.545.7110) – offering a list of more than 20 ways to expand your network in Coronavirus times.   

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Peter Tedstrom (PeterT@TedstromWealth.com, 303.996.6514) – offering to help members and/or their friends/neighbors/relatives by providing them with a complimentary second opinion regarding their financial plan and investments.

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David Silverman (David@dsilvermanlaw.com, 303.858.9850) – offering to provide complimentary conversations regarding the new Federal CARES Act, Governor Polis’ and the CO Dept of Public Health and Environment’s concurrent Orders of March 26, 2020, and contract performance issues that have arisen in this environment.

The focus of the conversation is to raise awareness of opportunities to get money from the government under the new CARES Act and opportunities to potentially stay in business and even possibly expand your business based on analysis of the Governor’s Orders.

While David has presented this information in a Zoom conference format, he has also been having individual conversations which he has found to be more personal, flexible and beneficial. If there are a few of you that would like to meet together, he would also be glad to have smaller Zoom meetings or conference calls.  

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Dave Johnson (djohnson@c2solves.com, 303.409.6048) – offering 4 hours free consulting to anyone that asks. Here are two blogs that have a 70% open rate.

Here is a three-part process summary that we recommend getting through the current economic shutdown.

Step 1: Cash is King

• Contact your landlord and negotiate a 90-day rent delay. You may have to settle for a major reduction rather than 100% but you are in the driver’s seat. Many local governments have suspended eviction and foreclosure processes.
• If you have a bank line, draw it all down and keep the cash available in your accounts. Once you have the cash, you have leverage to deal with your banker.
• If you have leased equipment, contact the lessor to negotiate interest only payments for six months.
• Analyze your accounts receivable to determine who will pay and who won’t. Some of your customers will also ask for reduced payments so you be prepared to deal with them.
• Look at your sales pipeline to determine if anyone will still be buying. Offer deals where needed to get the order. The more pending sales, the stronger your future.
• Contact your venders to set up payment plans and be more flexible with those vendors that you need in the future. Conserve cash but don’t burn bridges.
• Put all this information into a 90-day, weekly cash forecast. We recommend having three scenarios: best case, likely case and worst case.

Step 2: Back to Basics

• Look at every aspect of your daily operations. Tie your expenses to a sales ticket or to a customer. If the expense does not have a direct link, question whether it can be postponed.
• From Step 1, look at your sales forecast and look for ways to offer deals to boost it. Look for possible new clients that would jump on a deal. If you can lower inventory, do so.
• Look at your staffing to who supports sales, product/service delivery, or support for those people. If a person is not directly involved in these areas, they go on furlough.
• For the remaining staff, defer 25% compensation for six months. Defer rather than reduce so they will feel respected and put in the extra effort needed for an understaffed company. Communicate, communicate and communicate. It is critical that employees know the survival plan which directly affects their survival plan!
• Communicate your COVID-19 plan to your landlord, banker, key customers and key suppliers. This tells them that you will be there to fulfill your obligations.

Step 3: Survive or Grow

• With the information gathered from the parts 1 & 2, determine what will be needed past the initial 90 days.
• Determine who your weakest competitors are and call on their customers. Their worry may move them to you since you have a plan.
• Work with your key suppliers on your growth plan to see if they will support you. If growth is not an option, work with them on an extended survival plan.
• Use your three scenarios from step 1 to develop alternative plans for survival and growth.

This is a follow up blog on our 3 Steps in Dealing with a Financial Pandemic published March 27, 2020.

Step 1: Cash Management

• The newly approved federal rescue programs are now being put in place. Contact your banker to get in the queue and complete the SBA application forms. Your banker will tell you which of the programs best suit you. Banks are restructuring their credit departments to handle the SBA application load.
• Under the new Federal programs, you may defer paying the employer portion of social security until after the end of the year and this saves 6.2 % of cash on every payroll. This is an interest free loan!
• You can refile previous tax returns for 2018 and 2019 to take advantage of the new rules on extra depreciation, increased limits on deductions and reduced quarterly estimated tax payments. You can get tax refunds or greatly reduce your taxes owed. Consult your tax preparer or tax CPA to determine what works for you.
• Increase your accounts receivable collections effort before your clients pay other vendors. The “iron fist in a velvet glove” gets action. Even progress payments help your cash flow.
• Get those special offers out to your clients and prospects. Offer discounts for down payments with the order.
• Contact your venders to set up payment plans and be flexible with those vendors that you need in the future. Conserve cash but don’t burn bridges.
• If you have completed the three scenarios: best case, likely case and worst case for 90 day and six-month outlooks, rework them with the possible cash savings mentioned above.

Step 2: Managing Daily Basics

• Examine every contract for ways to reduce costs, delay payments or cancel the contract. Consult your attorney to determine if a force majeure clause can be used to cancel the contract or force renegotiation.
• From Step 1, look at your sales forecast and look for orders more than 90 days out. Focus on offering a program to customers to move up the order delivery. This will offer more employees a chance to work, improve cash flow and reduce future risk of cancellation. Time degrades all deals.
• Discuss the Payroll Protection Program with your banker to determine if you are eligible for that federal assistance program to fund your payroll. The forgiveness portion brings new capital.
• Communicate your COVID-19 plan to your landlord, banker, key customers, key suppliers and employees. Make sure to communicate with furloughed employees as well. If you want them back when the economy improves, you must keep them in the loop.

Step 3: Survive or Grow

• Talk with your banker about existing loan covenants. Most loans have a fixed cost ratio covenant that will likely be broken when revenue declines rapidly. Find out if the bank will wave that for a short period.
• Work with your key suppliers on your growth plan to see if they will support you. If growth is not an option, work with them on an extended survival plan.
• If growth options are not there and your banking situation is weak, contact your attorney about a bankruptcy contingency plan. This can be used as a negotiation tool with suppliers and landlords.

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Topic:  An interactive members and guests meeting facilitated by our very own Dean Isaacs.  There will be no speaker this month allowing for plenty of time to get to know one another on a deeper level, which is what we, as an organization, are all about.  We’ll see you there!