Steve Reports

The 5 Pillars of A Successful Business

What happens when you apply the 80:20 rule to the activities required for any business to operate?

Extraordinary Profits

A Positive, Low Stress Working Environment

Continual Increases In Revenue and Profits At A Rate That Far Outpaces Your Competition

How do you achieve these goals? Well just take a look at how most companies are run and don’t do what they do. People in most companies spend the majority of their time on activities that have little or no impact on building revenue and profits. Let’s review the components of how to solve this.

First there are only five (5) areas of business that need your attention. Hold out your hand and look at your fingers and thumb – 5. Now follow with me on this because I am not in a room with you to reinforce the point. Hold out your hand and assign each of the (5) pillars as follows:

1.Sales – thumb
2.Gross Margin – index finger
3.Expenses – your “flip em” finger
4.Working Capital – next finger
5.Employees – pinky

80% of your time as an owner or CEO should be spent on these 5 pillars and 80% of the 80% should be spent on Sales and Gross Margin – the first two. When you spend the majority of your time on marketing the right balance of products and services that bring you optimum sales volume and gross margin, you can expect:

• Recruiting and retaining the best people is easy,
• Liquidity is abundant, and
• If any area of expense begins to be out of balance, it doesn’t hurt much while you are bringing it back in line.

Recently I met with a friend who has a professional service that has a healthy price point. Consider the economy is reported to be as week as it has been in 10 years, I asked him if he was feeling any impact. He told his next opening was two months out. Then he hired my company to bring him more targeted prospects. He has alway had a marketing focus the entire 15 years I have known him and he business does well every year. Repeat he has a continual focus on the marketing funnel and is working it all the time.

Spend 80% of your time on Sales and Gross Margin. An alternative is to have a credible firm drive targeted prospects to your business.

Sharing with all my readers the energy of peace, happiness and abundance

Steve Pohlit
The Profit Expert

Email Steve to schedule A No Obligation Consultation On Building Your Business Profits.  Let’s discuss how to use cutting edge Social Media Marketing, Internet Marketing and Direct Response Marketing in the revenue building cycle of your business to drive your profits sky high.

FREE Report:

How To Increase Business Profits by 30% or More in 90 Days or Less 

A panel discussion of Social Media experts formed at a recent JV Alert conference addressed a question on the business of Social Media. A key point  made is that Social Media is a tool.

That excellent reminder serves as the starting point for this summary on How To Use Social Media to Start and Grow a Business. Social Media is a general term for community based Internet sites with the biggest ones being Facebook, YouTube, MySpace, and very fast growing ones like Twitter and LinkedIn.

Generally, my first response with a question like “how should I use Social Media?” is “what is it that you want”.  My business Manifest Mastermind guides everyone in our free course as well as paying members to begin with a clear definition of what it is that you want and  then they are asked why. 

Applying this to Social Media and using my own experience as an example, my initial goal was to understand the primary options for Social Media sites. My conclusion was that I could spend my time for entertainment or for developing business.  Very soon I further clarified Social Media for me which was that I wanted to know if Social Media was a valid tool for building a profitable business.

Social proof that Social Media is an effective tool for building a business is Manifest Mastermind. The time line from business idea to business launch was four months. This actually could have been shorter if we would have been able to allocate more financial resources to it.  We spent a lot of professional time and very little cash in developing this business.

When possible I would advise others to outsource more but we proved that a business could be successfuly launced with very little money.

Social Media Blueprint:

This is a top level summary of the  Social Media Blueprint I recommend. This is  based on my actual experience with Manifest Mastermind:

1. Have a clear definition of what you want and why.  Are you using Social Media for business or pleasure?  If you intend to use Social Media sites for developing  business there will and should be pleasure because Social Media is about developing relationships with people interested in who you are and what you are doing. 

2. Identify what Social Media sites are best for your business. Actually this is fairly easy with the top three sites for business being Facebook, Twitter and YouTube.  There are an ever increasing list of social media sites. Start with the ones that have the market. LinkedIn is growing fast and can be another one that is important for you going forward. 

3. Form relationships with those most likely interested in that what you are doing.  I am sure you have heard the advice to define your target market. This is no different. How do you find your market on Social Media sites? There are several ways. A primary one is doing research on: who is talking about your business topic (Twitter); who is joining groups related to your business (Facebook); and, who is adding video content related to your business (YouTube).  I advise a filtering approach. Invite people into your world and then invite them into a network focused on your niche business. 

4. Ultimately you must capture those with an interest into your own list. We use traditional Internet Marketing guidance on bringing people to our list and then offering value to demonstate why they benefit from spending money with us. 

Next Steps:

Manifest Mastermind’s business purpose is to help others create their own success stories. Success stories happen in the areas where people are clearly focused on a prioritized list of their own dreams. Dreams fall into three main categories: financial, health and relationships.  They are never mutually exclusive. Our guidance is based on The Law of Attraction and the Mastermind Principle.  Guidance is developed with experts advising us on particular topics.

We are expanding our reach in Social Media and we are soon launching our small group mastermind program. Every business model on line and off is based on one foundation principle: traffic and conversion.  We are extending our traffic building model beyond Social Media. However, Social Media remains an integral part of our business development strategy.

Sharing with all my readers the energy of peace, happiness and abundance

Steve Pohlit
The Profit Expert 

Steve is the Co-Founder of Manifest Mastermind and  President of International Business Consulting Resources. His firm specializes in guiding companies to rapid increases in revenue and profits with a sustainable growth rate. FREE Reports: 

How To Make More Money With Your Business Now and Long Term

7 Steps To Manifesting Your Dreams

Network with me on Facebook: LinkedIn: Follow me on Twitter

Today another announcement regarding layoffs. This one in particular caught my attention for several reasons. First 7-Eleven’s press release disclosed it was cutting 10% of it’s non-store staff.  It also disclosed it was suspending certain benefit contributions and it’s incentive compensation program. 

Before continuing, please note I am not in any way associated with 7-Eleven. If I were the content would have been different. 

In general, anytime I read about infrastructure layoffs, the ones at the support level, or enterprise level as it it sometimes called, I question, how these positions were justified in the first place. Every support position should be essential for the business and in retail there is trememdous leverage. Consequently I wonder what management was thinking when they allowed staff to grow by 200 extra people.  

I wonder what percentage of the annual payroll cost was cut. That number is not necessarily and most likely not 10%. The operative question is what is 7-Eleven’s, or any company’s support structure cost target, as a percentage of projected related revenue?  The related question is how is that going to be calibrated given revenues that could very well be lower than projected?  At what point are support structure costs fixed given the size of the customer base? What is the strategy for increasing customer loyalty and revenue?

These and other related questions don’t seem to be answered in press releases or related public disclosures very well. They should be for public companies and any private companies where they are benefiting from community tax incentives while such insanity continues.

Now that I am warmed up, let’s look at the point on incentive compensation.  I don’t know how a company can take away a properly structured incentive compensation program. In fact, the reverse of this decision should be implemented. Nearly everyone in the business should be on a pay for perfomance program. Incentive compensaton should be the catalyst for …well profitable performance.  

In summary, the principle is you are in business to make a profit and and people who work in the business should be rewarded for their contribution to that profit performance. With some exceptions, everyone’s compensation can be tied to performance.  In my experience with hundreds of companies, this is a hot topic that gets nods of approval and gets dropped like a hot potato as soon as possible. Why is that? Everyone feels they want the guaranteed income. As we have seen… there are no guranatees.  

Sharing with all my readers the energy of peace, happiness and abundance

Steve Pohlit
www.StevePohlit.com
www.ManifestMastermind.com 

Network with me on Facebook: LinkedIn: Follow me on Twitter

Steve is the President of International Business Consulting Resources. His firm specializes in guiding companies to rapid increases in revenue and profits with a sustainable growth rate. Don’t miss my FREE Report: How To Make More Money With Your Business Now and Long Term

This report may be freely distributed without restrictions with the original content including this resource box remaining unchanged. Author: Steve Pohlit, Business Consulting Services, Executive Coaching, please visit www.stevepohlit.com

I have been intently studying Mastermind Power as it is a major component of a business I launched recently. The following story seems to be about how a mastermind generated the ideas that brought the US out of the Depression in the 1930′s. It is far more than that story. See if you don’t agree.

I have read Think and Grow Rich and I am still reading it. I am paying more attention to it than ever. I didn’t know that Napoleon Hill was asked by the President of the United States Franklin D. Roosevelt to help the country in crisis.

Is the United States and world economy in a crisis? I think the mood is negative and that is my concern. Notice Napoleon Hill says that he wrote Think and Grow Rich to keep is mind positive with chaos all around him.

History can have great lessons if we pay attention.  Key lesson, form you mastermind group. If you need a place to start you are welcome at Manifest Mastermind.

Sharing with all my readers the energy of peace, happiness and abundance

Steve Pohlit
www.ManifestMastermind.com
www.StevePohlit.com

Network with me on Facebook: LinkedIn: Follow me on Twitter

Steve is the President of International Business Consulting Resources. His firm specializes in guiding companies to rapid increases in revenue and profits with a sustainable growth rate. Don’t miss my FREE Report: How To Make More Money With Your Business Now and Long Term

This report may be freely distributed without restrictions with the original content including this resource box remaining unchanged. Author: Steve Pohlit, Business Consulting Services, Executive Coaching, please visit www.stevepohlit.com

When asked: what is the number one key success factor for business success?  The responses often are:

• A hungrey market with money
• Cash
• An effective business plan
• Management control system
• Experienced leadership
• etc.

There are many factors that contribute to a thriving business over time. I have led business consulting clients through all the primary steps necessary to operate a successful business.  Even after sometimes many months of work with very clear guidance, I have observed intelligent, experienced business people miss the profit mark and in some cases destroy what should be a successful business.

Personally, I have experienced successes and failures. Successes were not always sustained and failures were swift. In evaluating my own experiences and those of many other companies where I have had direct contact as an auditor with Arthur Andersen, CFO of several very large companies, business consultant  to companies ranging from small to large or as an entrepreneur, I discovered the key.

This key is present in every success story and absent in most failures. This key is the part of the reason for the idea of Manifest Mastermind  . Together with my business partner Manifest Mastermind was launched a week ago.  The first step we guide members to completing in the Manifest Mastermind process is having a clear definintion of what you want. I know a lot of life coaches and consultants start with that. Keep reading.

Most people when asked what they want start with a list that includes, more money, a new car, better home, financial freedom, improved relationships, vibrant health and so on.  But when challenged as to why they want the things they describe, the list sometimes changes.  On the topic of money, business people think in terms of revenue and profit milestones.  I have started nearly every consulting engagement with establishing a clear definition of the revenue and profit goals for the next year. But there is more to it.

While I am certainly not ignoring monetary and other metrics, I have expanded my  focus on what it is the business leadership really wants. Here is the key that I feel is most important:

Are you in alignment with the purpose of your business?

If your goal is money, you may realize your goal and not be happy.  So what is the point of the money? Or maybe your goal is money but the demands weakens your health. So what’s the point of the money? It is very clear that money, relationships and health are all interrelated.  If one is out of balance the other suffers. Alignment is the key.

Do you know anyone who really does not like their job? They are making money but how is their life and what effect does this have on their health and those around them?  What effect does this have on their spouse, partner, children? 

Do you  know anyone who is not making money and struggling financially?  That is a tough situation and most people in that situation have a single minded purpose which is to make money without regard to how happy they will be when the money is flowing. If they pursue just the money then often end up in the same pattern.

If you are in a less than successful pattern, it is wise to move out of that pattern. It starts with awareness, definition of purpose and associating with like minded people and masterminding for goal achievement.  That is what I have found to be true for me and others joining the Manifest Mastermind process.

You are invited to our free course and most welcome. Click Here 

Sharing with all my readers the energy of peace, happiness and abundance

Steve Pohlit,
The Profit Expert
www.StevePohlit.com

Network with me on Facebook: LinkedIn: Follow me on Twitter

Steve is the President of International Business Consulting Resources. His firm specializes in guiding companies to rapid increases in revenue and profits with a sustainable growth rate. Don’t miss my FREE Report: How To Make More Money With Your Business Now and Long Term I am building my practice and welcome new client inquiries. Call me for a fee consultation at 727-587-7871

This report may be freely distributed without restrictions with the original content including this resource box remaining unchanged. Author: Steve Pohlit, Business Consulting Services, Executive Coaching, please visit www.stevepohlit.com

PS. My doors are open for new clients and referrals are well compensated.

In doing research for my current business development project which will demonstrate the power of social media I discovered what seems to be a really cool tip for those looking for a job.  I found this tip on the very popular blog Mashable and here it is from Eric Pender

There are four foundation tools every business should be using as part of their marketeing strategy. These are listed on my site www.stevepohlit.com   I  have also  written detailed articles about these foundation tools. For example Click Here for an article on how blogs and video help your internet site search engine ranking. You sould be subscribed to Steve Reports for tons of information I publish that will help your business grow profitable revenue.

For your convenience the foundation tools are:

1. A currently updated website, keyword optimized and with  contact information capture script with linked to an autoresponder.
2. A blog that is regularly updated with relevant information and links to your website. You blog should also have contact information capture script linked to your autoresponder. Register at http://bloggingforprofits.biz  for free instuctional videos on how to do this. Here is my introductory video on Blogging For Profits again for your convenience
3. Use short videos that you produce, topic and keyword specific that you post to your blog. Select ones should be posted to your website. Register at  http://youtubemastery.net for more than 20 videos that teach you how to do this for free.
4. Enhance the relationships with your customers and prospect list with email communication. Use off line actions including; meetings, phone calls, post cards and letters.  This is why you want to capture the contact information of visitors to your website and blog.

The Profit Optimization Formula Is No Secret – It Is Just Largely Ignored:

The companies most profitable, using profit before tax as a percentage of revenue as the measurement,  are those the provide the most value to their customers.

Consider Google: Google just reported a growth in profits exceeding 30% during an economic period many describe as tumultuous. Nearly all of this profit comes from their Adwords product – targeted advertising. Why is Adwords successful? Because Google’s clients see a positive return on investment. A positive return on investment is value.

Now Consider Yahoo – no longer today’s idol in terms of business profit performance. Nothing is forever. In every instance, where there is a business that is very profitable, regardless of it’s size, it is providing value to their customers better than their competitors that is key. Remember that value is always defined by the customer. So if your goal is to build very profitable revenue then you must continually focus on the value your customer wants and over deliver.

In summary – the higher the value delivered, the higher the profits. Your entire business should be focused on how to deliver more value.

This is why the first step of the marketing module that is part of my build business profits consulting process addresses how a company is taking care of their current customers. The most valuable customer is the one you already have. When that program is in place then you begin focusing on growth.

Sending all my readers the energy of wellness, peace and abundance

Steve Pohlit,
The Profit Expert 
www.StevePohlit.com

Network with me on Facebook: LinkedIn: Follow me on Twitter

Steve is the President of International Business Consulting Resources. His firm specializes in guiding companies to rapid increases in revenue and profits with a sustainable growth rate. Don’t miss my FREE Report: How To Make More Money With Your Business Now and Long Term I am building my practice and welcome new client inquiries. Call me for a fee consultation at 727-587-7871 

This report may be freely distributed without restrictions with the original content including this resource box remaining unchanged. Author: Steve Pohlit, Business Consulting Services, Executive Coaching, please visit www.stevepohlit.com

PS. My doors are open for new clients and referrals are well compensated. 

The number one reason for buying any business is you are able to acquire value faster that what it would take for you to build it.  There are usually always deals that can increase your sales and profits by acquiring a company. In a turbulent economy there are usually more opportunities than normal.  

If you are a business expanding through acquisitions,  there are also economic benefits of combining functions that can successfully support a much larger business. Typically systems support and administrative functions can be streamlined to reduce the expense structure.  

There is no value to economic streamlining of  the cost structure  if the immediate attention needed on the customer base is ignored. Consider this example: you are business who has had a service relationship with a certain suppier for say 5 years. Now the supplier is purchased and the customer service support structure changes and the reltionship is weakened or lost.  (Do you know anyone who was a Nextel customer and has a postive story following the acquisition by Sprint? ) Without an laser beam focus on customer retention, the economic gain of administrative synergies following an acqusition are soon wiped out.  

Please Click Here For My FREE Report on The Key Issues That  Must Be Addressed Before Buying a Business of Any Size

What does this have to do with divestitures?  When you prioritize your resource allocation, sometimes it makes a lot of sense to sell a product line or division.  If a part of your business is divertiing your attention from your core, selling it should be considered.  As for selling the entire business the reasons are many and will be covered in a separate report.  

Email Me or Call Me Steve Pohlit at 727-587-7871for No Obilgation Consultation

If you are considering divesting of part or all of your business, I highly recommend contacting a firm that will give you independent council on positioning the sale.  You will want an objective evaluation of the strengths of what you are selling.  Often I find opportunities strenghening the performance of the component targeted for divestiture.  My most notable success story was helping a company achieve double their asking price.  The value of that increase was $850,000 and that was achieved in less than three months of work while negotiatiing the sale.  
I have in process a report on The Key Issues That Must be Addressed Before Selling All or Part of Your Business. Click Here to send me an email to let me know of your interest and I will send it to you when it is released. 

Buying or Selling An Internet Business or Domain Names 

Click Here for This Special Article

Sending all my readers the energy of wellness, peace and abundance

Steve Pohlit,  www.StevePohlit.com

Network with me on Facebook: LinkedIn: Follow me on Twitter

Steve is the President of International Business Consulting Resources. His firm specializes in guiding companies to rapid increases in revenue and profits with a sustainable growth rate. Don’t miss my FREE Report: How To Make More Money With Your Business Now and Long Term I am building my practice and welcome new client inquiries. Call me for a fee consultation at 727-587-7871 

This report may be freely distributed without restrictions with the original content including this resource box remaining unchanged. Author: Steve Pohlit, Business Consulting Services, Executive Coaching, please visit www.stevepohlit.com

If your business is in a crisis there are several compelling reasons why you should call a Business Crisis Management Specialist. However before you do, please review the following and download your detailed report on The Exact Steps To Business Turnarounds.  It is possible you can do this yourself. However, it is likely to be in your best interest to use a business turnaround specialist.

How do you know if your company is in trouble? (For a complete presentation please visit Business Crisis Specialist )

Here are key indicators:

• Do you worry about running out of cash?
  
• Has your financing bank or lender reduced your line of credit or, even worse, called your loan?
  
• Do most of your key vendors have you on COD?
  
• Have any checks issued by your business bounced?
  
• Are you delinquent paying taxes or benefit insurance?
  
• Are revenue trends decreasing and accounts payable increasing?
  
• Have your valued employees left for a “better opportunity”?
  
• Are you spending all of your time fighting fires?
  
• Do you wake up at night fearing you will be out of business?
  
• Do you fear you will not have enough cash to meet your next payroll? What about the next?
  
• Are you thinking or have been advised that a reorganization of your business under Chapter 11 of the US Bankruptcy code may be the answer?
  
• Do you feel you are at or near crisis stage?
  

“If you answered yes to more than one of these questions, then you need to call me, Steve Pohlit,  at 727-587-7871 Right Now. That is my direct line. I will personally determine if I can help you solve your business problems or refer you to someone who can. This call will cost you nothing and may well save your company.”

Steve Pohlit, President
IR Consulting, Inc.
Turnaround Business Consulting
Restructuring, Recapitalization, Business Crisis Management

FREE Report: The Exact Steps To Turnaround Your Business
and Move From Crises To Profit

There Are Two Compelling Reasons To Consult With A Business Crisis Management or Business Turnaround Specialist:

• An independent professional skilled in turning around business crisis situations, brings credibility to your business turnaround process which serves to quiet the companies and people fearful of not getting paid.

• A key component of a successful business turnaround is developing and implementing a business plan for improved performance long term.  Enlisting the assistance of an independent specialist communicates to employees, creditors and the marketplace you are serious about becoming a stronger company.

One more thing – delaying can mean the difference between a successful business turnaround and having to close your business….or worse….having your assets siezed.

I will help you if at all possibe, but you need to make the next move!

Steve Pohlit, President
IR Consulting, Inc.
727-587-7871
Click Here for The Business Turnaround Consulting Practice
Restructuring, Recapitalization, Business Crisis Management