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Where sales are concerned, the past rarely predicts the future. A major competitor can enter the marketplace, and a once-hot product line can grow cold. The result? Your hockey stick-shaped growth trajectory can unexpectedly tail off — and with it, the long-term value of your business.
How much is a satisfied customer worth to your business? While statistics vary, one Bain & Co. study shows that increasing your customer retention rate by just 5% can increase your profits by between 25% and 125%.
When Steve Jobs returned to Apple in 1997, the company — once praised for simplicity and quality — had had just experienced its worst-ever financial quarter. Jobs examined the future product roadmap. He felt a third of Apple’s products were “incredible.” The rest? Either “pretty good” or “businesses we didn’t need to be in.”
Have you ever considered hiring a president or general manager to run your business day to day? If your goal is to create a business that can thrive without you, a second-in-command (2iC) can free you up to work on more strategic projects.
Warren Buffett is famous for investing in companies with a competitive “moat” around them. Buffett defines a moat as something that makes your business challenging to compete against and impossible to copy. Buffett argues that your moat allows you to avoid price comparisons, which enables better margins.
Early in your company’s life, your greatest strength may be your ability to juggle multiple goals, priorities, and initiatives — to be an expert not just in your field but in your business.
Being the President of the United States is one of the most challenging jobs in the world. By the time a problem gets to the President, it’s a big issue. The trivial decisions have been made much further down the chain of command.
Adii Pienaar developed Conversio, an email marketing platform for retailers. Timed perfectly, the company began around the same time eCommerce started to explode. He saw early success and was experiencing organic growth.
When assessing his business through the lens of Hub and Spoke, Cesar understood that his company was too reliant on him, This led him to create an open-book management style. This style of management involves creating transparency for your employees and outlining how their specific role and output influences the company’s finances.
When John Warrillow sat down with Mike Malatesta, the founder of Advanced Waste Services (AWS), one key lesson stood out: the difference between recurring and reoccurring revenues.