Trailblazer - Igniting Business & Community

What we want to share today is the “Selling” in your business goes far beyond selling a product or service and should never be in the arena of “I hate selling or being sold to”. Here a few questions to get us started in the fun world of selling as an everyday function of your business.

1. Are you selling your why daily?
   
2. Are you selling your products/services or are you helping make your customers lives better?
   
3. Are you positioned for sales opportunities including ultimately selling your business?
   

Topic 1 - Selling your “Why”

• Are you selling your “Why” to yourself every morning to get you ready for the day
  
• Selling your “Why” is also sharing your why to staff and customers alike
  
• Shout your “Why” throughout your community
  

Topic 2: Sales should be helping your customers not just making the “sale”

• So you think you can sell - get ready for a whole lot of “NO”
  
• Learn the needs of customers (kind of a no brainer) but take it one step farther and discover their why for coming in today
  
• Upselling is not a bad word - get over it and your customers will thank you
  

Topic 3: Be open to sales opportunities including the selling of your business

• Take calls and appointments from people selling you things that could help your business
  
• Be open to evolving your business to increase sales
  
• Always be in a position to sell your business if the right time and offer comes along
  

Last episode we talked about your why in Why the hell are you in business in the first place. So in keeping with our goal to get our listeners thinking, we again have three questions for you.

1. Do you believe your why?
   
2. Does your why tell in your story?
   
3. Does anyone care about your why?
   

Let’s be honest, there are a variety of reasons why you chose to be an entrepreneur - you would have to have good reasons to have days of complete bliss wrapped with days of being hit in the face like a rookie boxer.

Let’s get you thinking, here are some questions to get your mind on fire

1. Was it money that steered you to start a business?
   
2. Was it an idea for a product or service that kept you up at night and if you didn't do something you were going to go crazy with insomnia?
   
3. Or was it something you thought was missing from your community combined with your passion that got you heading in the entrepreneurship direction?
   

This week we wanted to share 4 questions that will highlight 4  common mistakes made when nearing the sale of your business.

• Are you are the secret sauce, that holds everything together in your business?
  
• Do you have a realistic valuation and are you basing your price off your dream retirement or are you creating a valuation based on your financial planning?
  
• Are you unwilling to have a team, hire a team of professionals to see that you are getting the most out of your deal?
  
• Are you maintaining confidentiality for you and your prospective buyers?
  

Questions to consider as you listen:

If in fact you will be “retiring” from your business have you been working with a team or solo planning, to look at your personal wealth, and what that may look like if you sell?

What do you WANT to do after the liquidity event?

What CAN you do after your liquidity event?

So as we dive into this topic we what our listeners to ask the following questions: What can I do to pivot my business - is it new ways of buying, is it new hours Is it time to evolve my business - new products/services, get rid of outdated routines My business is doing good - is it time to expand Point 1: What does it look like to pivot? First let's define what it means to pivot in business - It's making changes even small ones that have positive effects to re-engage growth. Maybe it's adding online shopping, changing hours, focusing only on your high growth products or services instead of a huge line up Point 2: Evolving to succeed Evolving is making big changes to match new technology or offering new products/services that better match the demand of consumers. These changes could be launching a website with online shopping, offer complete new product line up Point 3: Is it time to expand Expanding is scary even during the best of times but in light of everything going on, expanding might be just what you need to jump start activity and bring the excitement back. Maybe it launching a new locations or expanding to a bigger location or maybe it offering outside services like additional seating

Talking pt.1: Inspiration and excitement What is your inspiration or excitement on why you started Agile Wealth Partners? What got you inspired to start Mobileteer? Inspiration is why we got into business and leads to giving you excitement in what you are doing. I liking it to golf - there are bad shots and good/great shots. Its the great shots that keep you coming back and keep working. Business is no different. Talking pt. 2: Getting jazzed to run the business If you are not jazzed up get there Start the day jazzed - maybe its a podcast you listen to, maybe its music or maybe its the excitement of making money to get free What can you do if you find your jazz leaving you during the day Take a break, walk, mix up your intake, revisit those random notes and ideas. Change tasks, refocus energy with time blocking towards areas that are lacking Talking pt. 3: Your Inspired and jazzed now push it Ok, so you have your inspiration and you are excited to take every day as an opportunity to push yourself, be grateful, humble and realize the position you are in. Helping first mentality. Curiosity is my secret weapon!!

This week we talked about some of the important foundation points from past episodes. Check out the full episodes with the dates posted below for reference.  Reference episodes: Protecting your business: Episode 20 posted on Aug. 6, 2020 Community Involvement: Episode 7 with guest Kate Litwin posted on May 5, 2020 Referral Marketing: Episode 4 with guest Wendy Caverly posted on April 4, 2020

Topic 1: Why are you needing to protect your business aside from the obvious of protecting something you have put your blood, sweat, tears and of course money The type of entity you create and run. Very important in adding layers of protection between you and your business. Have a good attorney or two on speed dial. Build a relationship with them and see how you can be of help to them so when you have that question you can reach out. Have a good Property and Casualty agent on your team. Topic 2: What are some of the liability issues a business owner needs to make sure they have covered when you work with your P and C team? Remember personal lines to not insure your business! I do want to talk about protecting a business in terms of COVID General liability insurance E&O or specific profession lines Cyber security protection Business continuity plan Topic 3: Now onto some good stuff! This is the type of protecting we provide for the business owners we work with, although we assist and guide on the above items. What other asset protections should a business owner look into and how does that play into future planning especially as we all one day want to “retire”. Ultimately on a planning basis you are protecting the value of a business when and continued successful operation of the business, so we need to consider: You get sick (disabled) or pass away. What does this scenario look like and how do I protect? Your key employee/employees get sick or pass away. Just as important to protect against losing key employees, how do I retain key employees? Benefits, profit sharing, bonus... Assuring you have protection with your partner or future buyer with a buy/sell. Who owns the business if my internal employee/partner buyer I am working with passes away? (Remember that continuity plan? This is the numbers side of it)

Topic 1: Start a new - setting up financial plan requires a guide Having a financial plan that is guided by a planner helps to make sure you set your business for up success. Best "free" resource Build a team, use your resources You have clear path to financial options such as investors like we spoke about last week Topic 2: What does it look like to have a financial planner as you look to run your business as a successful owner/entrepreneur You start to get more clarity on specific goals you want to achieve with your business not just success for the here and now - its the future you want to look forward to You want to make sure your business is not only profitable (CPA’s and Mentors help in this area) but also making sure your profits can sustain your lifestyle throughout your life Wrapping this mindset up in a long term plan with your team. Often as owners we put all of our resources, time,money, that we forget planning, diversification, looking for other opportunities.  *Boring can be good Topic 3: Next generation to take control - You have built a great and profitable business but time has come for you turn over control,  merge, sell, pass it on? Do you have your team in place? Who should take control - family member, your loyal staff or an outside party and does that change the planning Once you sell it - lets make that nest egg work for you as you worked so hard to get Many businesses if exit is not planned prior can end in little reward in the end being realistic is the key!