Gain the strength to tell those problem clients “bye, bye!”
what does 2024, the Year of the Dragon, have in store for your business?
what can we learn from the ads of the 70s and 80s?
Publication
"Start where you are. Use what you have. Do what you can. "
– Arthur Ashe
Here’s to a year of positive change, remarkable growth, and boundless prosperity.
As we embrace the fresh start that this year offers, we at My Prosperity Tree extend our warmest welcome to you, inviting you to embark on a journey of positive change and unparalleled growth. This time of year is more than just a transition; it’s an opportunity to reflect, recalibrate, and renew our commitments to ourselves and our ambitions. In the spirit of new beginnings, we encourage you to think about the changes you wish to see in your life and business. The path to prosperity is paved with the bricks of intention and action. It's time to cultivate a mindset that not only welcomes change but actively seeks it. Remember, growth lies at the edge of our comfort zones, and it’s the positive changes we implement that lead us to new heights. This year let's focus on setting actionable goals that resonate with our deepest aspirations. Whether it's improving your financial health, expanding your business, or enhancing personal well-being, every step taken is a step closer to your version of prosperity. Our team at My Prosperity Tree is dedicated to supporting you through this journey.
Spring heralds a season of renewal, not only in nature but also in the business world. Taking cues from the vibrant energy of spring and the guiding principles of My Prosperity Tree, a program dedicated to elevating businesses, let's dive into how business owners can apply the concept of "spring cleaning" to their enterprises This is not about dusting off shelves or organizing files; it's about a fundamental rejuvenation of your business's core aspects: operational efficiencies, company culture, marketing strategies, and financial management.
Start by revisiting your Standard Operating Procedures (SOPs). The goal is to shed the outdated and inefficient processes much like a tree sheds its old leaves, making room for fresh, streamlined workflows. This could mean adopting new technologies, retraining staff, or even reevaluating your business model.
“Thisisnotabout dustingoffshelves ororganizingfiles; it'sabouta fundamental rejuvenationof yourbusiness's coreaspects...”
Company culture is the soil from which your business grows. Use this time to nurture an environment that promotes collaboration, innovation, and well-being. This might involve team-building activities, revisiting your mission statement with your team, or introducing new policies that reflect your company ' s values and goals.
Your marketing message is how the world sees your business. Spring cleaning here involves cutting through the noise to ensure your message is clear, compelling, and effectively reaching your target audience Analyze past campaigns, explore new platforms, and perhaps, redefine your unique value proposition.
Cash flow is the lifeblood of your business. A thorough spring cleaning of your finances involves a detailed review of your income, expenses, and budgeting practices. It's an excellent time to identify cost-saving opportunities, explore new revenue streams, and ensure you ' re on solid financial footing.
The essence of spring cleaning your business lies in adopting the mindset strategies taught by organizational methods. These strategies teach us to appreciate what we have, recognize what's working, and have the courage to change what isn't. By applying these principles, you empower yourself and your business to thrive in an ever-changing environment.
“Thesestrategies teachusto appreciatewhat wehave, recognizewhat's working,and havethecourage tochangewhat isn't.”
My Prosperity Tree stands as a beacon for those seeking to elevate their business through organization, strategic planning, and continuous improvement. This approach is not just about making minor adjustments but about instilling a culture of growth, innovation, and resilience.
As we embrace the spirit of spring, let's remember that cleaning and organizing extend beyond our physical spaces. They are powerful metaphors for the internal work necessary to guide our businesses toward prosperity. So, dust off your strategic plans, prune your product lines, and water your professional relationships. Here's to a season of growth, renewal, and unparalleled success courtesy of My Prosperity Tree.
Read the statement on each sticky note and decide if it applies to you. Count how many of each color sticky note you chose and calculate your results!
Ihave atalltim
My income and expenses flow like clock
I know I can trust my employees to accomplish the tasks I assign
I often find myself saying, “If you want something done right, you better do it yourself.”
I have no clue how much money is in my bank right now. Every time I check I always have less money than I thought.
I find it difficult to correct my employees. I sometimes find it hard to say something positive about my employees.
My door is always open to new ideas!
I live by my SOP’s They’re what’s keeping my I’m very excited
I have such a hard time hiring people I’m not even really sure what I’m looking for.
Everyone eventually lets me down.
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ss ge
the
ding brings s from team on tional , and ment. press A co a p ap
fos un the improve, such leaders should develop conflict resolution skills, encourage open communication, and find a balance between maintaining harmony and addressing issues directly. By embracing these strategies, a Peacekeeper can strengthen trust and respect within their team, fostering a culture of honesty and resilience.
ty over ment dapt to ies, d h
leaders should foster openness to new ideas, begin with incremental changes, engage in continuous learning, implement feedback mechanisms, and develop effective risk assessment skills. These strategies can help ease the transition towards more adaptive and innovative practices, ensuring the organization remains competitive while still valuing its core principles of stability and reliability.
is a remarkable testament to the power of resilience, innovation, and entrepreneurial spirit. Born Sarah Breedlove in 1867, just two years after the abolition of slavery, Walker rose from the cotton fields of Delta, Louisiana, to become one of the first American women to earn a fortune on her own terms. As we celebrate Black History Month and Women's History Month, her legacy offers profound insights into the proud history of Black entrepreneurship and the role of women as business leaders.
Walker's journey began in adversity. Orphaned at seven, married at fourteen, and widowed by twenty with a young daughter to care for, she faced the stark realities of post-Civil War America. However, it was her struggles with hair loss, common among Black women of her era due to harsh products and conditions, that spurred her entrepreneurial journey.
Determined to find a solution, Walker developed a line of hair care products specifically for Black women, a pioneering move that addressed an underserved market.
Walker's vision extended beyond her products. She understood the power of economic independence for Black women and created a network of sales agents, offering them opportunities for employment and empowerment at a time when such opportunities were scarce. By 1910, her business had grown so much that she established a factory and beauty school in Indianapolis, which became the heart of her operations.
“She was a visionary leader who used her wealth and influence to advocate for civil rights and the empowerment of African Americans and women.”
Madam C.J. Walker's impact was not limited to her business achievements. She was a visionary leader who used her wealth and influence to advocate for civil rights and the empowerment of African Americans and women. Walker was known for her generous philanthropy, supporting causes such as the NAACP, the Black YMCA, and establishing scholarships for women at the Tuskegee Institute. Her legacy extends into the 21st century, inspiring generations of Black entrepreneurs and women in business. Walker's life story is a powerful reminder of the role entrepreneurship can play in addressing social challenges, empowering communities, and shaping history.
Madam C.J. Walker's pioneering spirit is reflected in the countless Black entrepreneurs who have followed in her footsteps, from beauty industry innovators to tech moguls. Her legacy challenges us to recognize and support the role of Blackowned businesses in fostering economic empowerment and social change.
As we celebrate her contributions during Black History Month and Women's History Month, let us also commit to supporting the growth and success of Black entrepreneurs. By doing so, we honor Madam C.J. Walker's legacy and contribute to a more inclusive and prosperous future Her legacy compels us to continue championing the principles of equity, empowerment, and entrepreneurial spirit that defined her life.
By Donna Leyens
One of the most controversial, and most powerful, elements of The Pumpkin Plan is to let your bad clients go.
This is the step that gets the most resistance from business owners. It’s also the step that we get the most positive emails and feedback about. Go figure!
As Mike Michalowicz describes in The Pumpkin Plan, if you are growing a giant pumpkin, all of the little pumpkins, or worse, rotting pumpkins on the vine are just sucking nutrients from your giant pumpkin. If you leave them on the vine, and expend your nutrients and resources on trying to save them, your giant pumpkin will never grow to its full potential. It’s the same with your business. The rotten clients will take resources away from your awesome clients, making it impossible to grow to your full potential.
Know who your worst clients are. It is important to know who your best clients are and focus your efforts on serving them better. But it is also really important to know who your worst clients are so that you can get rid of them.
Gasp. For many business owners, this is an extremely scary prospect. After all, the goal is to have more customers, not less, right?
The answer is, not necessarily. Especially in businesses where you are working directly with customers, interacting with them, relying on their participation, the quality of your relationship with them is not only key to your happiness, it's key to the results that you get for them. And it's key to the energy that you have left over for your other clients.
Do you have any customers that are so great that you feel like they make your day easier?
Perhaps you feel energized after doing business with them. And you almost feel guilty taking their money because they’re such a pleasure to work with, to the point where you secretly feel like you should be paying them instead of the other way around. Those are the clients that will help you grow your business.
But what about the cringe-worthy customers?
I’m talking about the ones who make you want to eat a pint of ice cream and then take a 3hour nap after a 10-minute interaction with them. Those customers, no matter how much they are paying you, are draining the life and the energy from your business. They are costing you and your employees time, they are using a disproportionate share of your resources, and they are hurting your ability to serve your best clients to the fullest They are stunting your growth and making your business less profitable.
“Pruning bonsai trees is not just about maintaining their size and shape; it's also crucial for promoting their healthy growth. By trimming branches and twigs, you help the tree stay in the desired form and encourage better health...” - Dr. Heidi Parkes aushs.org.au
Ironically, very often your biggest client may turn out to be your worst client.
Which of course makes it much harder psychologically to let them go. We have been working with clients to Pumpkin Plan their businesses since 2012, and during that time I have seen many companies let their worst and biggest clients go, but because they have already figured out who their best clients are, they now have the time and space in their business to fill that void with better, more profitable clients.
To give you a more concrete example, one company we worked with was in a servicebased industry. They had a very large client (more than double the revenue of any other client) who was a scheduling nightmare. The client was constantly postponing and delaying work, which was impacting scheduling for other clients. When they got up the nerve to let that client go, they replaced them very quickly with other clients who fit their top client profile, their business became more efficient, they had fewer headaches so were able to do even better work, and as a result, they became more profitable. Win!
Getridofyourbadclients withoutconfrontation
If you ’ re anything like me, you might hate confrontation, and the thought of having to tell clients that they’re fired is horrifying.
But never fear, there are some easier ways to let your bad clients go. Very often, your worst clients might all be purchasing the same product or service.
For example, in a previous post, Find Your Sweet Spot for Business Growth, I told you about how Steven Bousquet of American Landscape and Lawn Science identified that his worst clients mostly purchased his lowest-priced package So guess what he did He eliminated that package and most of those clients left on their own This gave him the opportunity to focus on his best clients, and dramatically improve efficiency and profitability
But what if you ’ re not a service-based business, but rather a consumer-based product company? Can you even control who purchases your product? To some degree, yes. Imagine your worst customers are constantly complaining and returning products, and your best customers almost never return anything. You can change your return policy to be less appealing to your worst customers. Or maybe you can identify a specific product that most of your worst customers purchase, and stop selling that product. There’s a reason why we get emails all the time from business owners who have eliminated their worst clients and seen their companies thrive as a result. If you understand your underlying strategy and have an action plan to replace those bad clients with great ones, you will be well on your way to growing your giant pumpkin!
The 1970s and 1980s marked a transformative era in the advertising industry, often regarded as the "Golden Age of Advertising." During this period, executives employed innovative marketing tactics that not only shaped the way products were sold but also influenced popular culture. In this article, we delve into the dynamic landscape of advertising, exploring the strategies that defined these two decades.
The 1960s witnessed the rise of the Creative Revolution, a movement that emphasized the importance of creativity in advertising. This momentum continued into the 1970s and 1980s, with agencies prioritizing artistic and imaginative approaches to capture consumers ' attention. The industry saw a departure from traditional, straightforward ads towards visually striking and emotionally resonant campaigns.
One of the hallmarks of advertising during this period was the creation of memorable slogans and jingles. Ad executives recognized the power of repetition and catchy tunes to etch a brand into the public's consciousness. Classic examples include "Just Do It" by Nike and McDonald's "I'm Lovin' It," which not only sold products but also became ingrained in popular culture.
The 1970s and 1980s witnessed a surge in the use of celebrity endorsements. Advertisers leveraged the appeal and influence of celebrities to create a strong association between the product and the star's persona. This tactic not only helped in building trust but also added a touch of glamour to the campaigns. Pepsi's iconic ads featuring Michael Jackson and Coca-Cola's collaboration with Bill Cosby are prime examples of successful celebrity endorsements from this era.
Executives began to recognize the importance of associating products with aspirational lifestyles. Advertisers moved away from merely showcasing the features of a product to demonstrating how it could enhance the consumer ' s life.
Whether it was the rugged appeal of Marlboro cigarettes or the sophistication of Chanel perfume, marketing strategies were increasingly centered around the emotional and lifestyle benefits of the products.
Television remained the primary medium for advertising during the 1970s and 1980s Advertisers capitalized on the growing popularity of TV shows and events to reach a vast audience. The Super Bowl, for instance, became a coveted platform for advertisers to unveil their most creative and high-budget campaigns, as seen in Apple's groundbreaking "1984" commercial.
As television and film became more prominent in popular culture, advertisers recognized the potential of product placement. Integrating products seamlessly into entertainment content allowed brands to reach audiences in a less intrusive yet highly effective manner. Famous instances include the appearance of Reese's Pieces in the movie "E.T. the Extra-Terrestrial" and Ray-Ban sunglasses in "Top Gun."
While television dominated, print advertising continued to evolve. Magazines played a crucial role in showcasing high-quality visuals and in-depth content. Advertisers adopted more sophisticated design techniques, creating visually stunning and informative print campaigns. The shift towards lifestyleoriented content also influenced the narrative of print advertisements.
The advertising industry of the 1970s and 1980s was a period of remarkable innovation and creativity. The tactics employed by executives during this time not only shaped the way products were marketed but also left an indelible mark on popular culture. The iconic slogans, celebrity endorsements, and lifestyle marketing strategies pioneered during these decades continue to influence the advertising landscape today, making the Golden Age a pivotal era in the history of marketing.
Managing cashflow is crucial for the financial health and sustainability of any business. It is the lifeblood that keeps operations running smoothly and allows for growth and investment. Cashflow represents the movement of money in and out of a business, encompassing income, expenses, investments, and any other financial transactions. To effectively track cashflow and ensure financial stability, the Profit First system offers a comprehensive approach that emphasizes efficient cash management and allocation. As the name suggests, Profit First is a financial strategy that prioritizes your profits over your expenses. It's a simple yet powerful concept that can transform the way you manage your business finances.
Cashflow refers to the movement of money into and out of a business, reflecting the net amount of cash and cash-equivalents flowing in and out during a specific period. Positive cashflow signifies that more money is coming into the business than going out, ensuring financial stability and the ability to cover expenses and invest in growth opportunities. On the other hand, negative cashflow indicates that more money is leaving the business than coming in, potentially leading to financial instability and a lack of liquidity.
Developed by Mike Michalowicz, the Profit First system offers a practical and straightforward method for managing cashflow and ensuring financial stability within a business The system revolves around the idea of allocating funds to different accounts to prioritize profit, reduce debt, and streamline cash management. Here's a step-by-step guide to implementing the Profit First system and effectively tracking your cashflow:
Set Up Multiple Bank Accounts: Establish separate bank accounts for specific purposes, such as income, operating expenses, profit, taxes, and owner ' s compensation.
Determine Allocation Percentages: Allocate a predetermined percentage of income to each account, ensuring that profits are prioritized while also accounting for taxes, operating expenses, and owner ' s compensation.
Regularly Track Cashflow: Monitor the movement of money between different accounts on a regular basis to ensure that funds are allocated appropriately and that each account maintains its intended balance.
Adjust Allocation Percentages as Needed: Regularly assess your business's financial health and make adjustments to the allocation percentages based on changing financial circumstances and business needs.
Implement Frugality and Efficiency: Cultivate a culture of frugality and efficiency within the business to minimize unnecessary expenses and maximize profits, thereby ensuring a healthy cashflow.
Periodically Review and Adjust Strategies: Periodically review your cashflow management strategies to identify areas for improvement and make necessary adjustments to optimize financial performance.
By following the Profit First system, businesses can effectively track their cashflow, prioritize profit, and ensure financial stability and growth. Through strategic allocation of funds and regular monitoring, businesses can maintain a healthy cashflow, navigate financial challenges, and lay the foundation for long-term success and sustainability. My Prosperity Tree uses the Profit First system as a base to help business owners get to know their cashflow. But knowinmg your cashflow is only half the battle and nobody knows that better than the professionals at my Prosperity Tree. Once cashflow is under control we work with the business owner to take on the other aspects that make up a successful business, such as sales. operations, and marketing.
As the calendar turns to welcome the Lunar New Year, communities across East Asia and beyond prepare to celebrate one of the most significant and vibrant festivals of the year. The Lunar New Year, rich in traditions and cultural significance, ushers in a time of renewal, reflection, and hope. In 2024, we herald the Year of the Dragon, a symbol of strength, power, and prosperity in the zodiac. This majestic creature, revered across various cultures, is believed to bring about transformational change and immense fortune. The dragon, the only mythical animal in the Chinese zodiac, is a harbinger of fortune and intensity. Its year is anticipated to bring about significant changes and opportunities for growth and innovation. For business owners, the Year of the Dragon in 2024 signals a period to embark on new ventures with courage and determination. The dragon's energetic influence encourages bold decisions, leadership, and the pursuit of ambitions that may have seemed daunting in previous years.
Letthecelebrationsbegin,andmay theYearoftheDragonbringyouand yourbusinessprosperity,joy,anda brightfuture.
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