Your 2020 whats, hows and whys

We met with our Congressman earlier this month to talk about his 2020 agenda.
He is a busy man whose district covers a lot of territory and those who live there. But he showed us a list of 14 goals for 2020.
That took thought. But he has in writing what he needs to do. You can, too.
You will need 3 things to make 2020 successful: Your whats, hows and whys.
Our friend Ruth King explains:

  1. What do you want to do? Write what you want and need to achieve. It is your 1st step to get what you want and need.
  2. How are you going to do it?
    What are the steps you must take to accomplish your “what.” For financial goals, a budget is the 1st step. Make sure you review actual results against projected results and take action based on the results.
    For non-financial goals, write a plan of how you think you will do it. What can you do alone? What do you need from others? If so, what’s in it for them to help you?
  3. Why do you want it?
    You need a really good why to have a good chance of reaching your whats.
    Review your plan each month. Schedule time to do it in your calendar. It will remind you to actually get it done.
    We share such ideas in “Maverick Entrepreneurs’ Million Dollar Strategies.”
    For a $20 personally autographed copy, call Katie at 803-359-7633.
    You can get an electronic copy through Amazon by clicking here https://amzn.to/2DUhf18 .
    Copyright 2020, The Bellune Co., Inc.

Do you have a future on YouTube?

What can you learn from an 8-year-old entrepreneur? How to sell lemonade?
It’s far simpler than that. What has made Ryan Kaji highly successful is that he reviews toys on the channel “Ryan’s World.”
His earnings in 2019 rose from $22 million to $26 million, according to Forbes’ ranking. Ryan and his parents have created a $150 million retail toy advertising empire on YouTube and it just keeps growing.
Ryan’s videos amassed 23 million subscribers to his Ryan’s World channel and more than $20 million a year in advertising revenue. Now the 2nd-grader is building his knack for opening toy boxes on camera into a franchise with a TV show on children’s cable channel Nickelodeon and deals with Walmart and Target to sell his own line of toys, toothbrushes and underwear.
Ryan’s first retail products came out in 2018 in an exclusive Walmart partnership.
Ryan’s parents, Shion and Loann Kaji, and his licensing and entertainment studio, pocket.watch, aim to have more of Ryan’s products in more stores.
If a 2nd-grader and his parents can turn a simple idea into $150 million, what could you do on You Tube to promote your ideas, products and services?
Think about it. It may be your future.
We share such ideas in “Uncover Your Inner Sales Genius.” For a free digital copy, email JerryBellune@yahoo.com .
Copyright 2020, The Bellune Co., Inc.

How to beat the Grinch in 2020

How do you get the Grinch to go away?
Think about where you want to go, what you want to do and write it down, advises our friend Ruth King. The simple act of writing it down will propel you to do the goals even if you don’t think about it.
A student in Ruth’s BOSS (Business Owner’s Survival School) class wrote down his 1, 3, and 5 year goals and put them away.
Years later he found the goals. To his amazement he accomplished most of them without consciously thinking about them.
3 things you want to write down:

  1. What net profit per hour do you want in 2020? In other words, for each revenue generating hour how much gross and net profit do you want? The average business is open 2,000 hours a year, closing on New Years Day, Christmas and other holidays.
  2. What sales revenue do you want to generate in those days in 2020?
  3. Are you happy? If you are, what will you do to stay happy? If not, what will you commit to so that you achieve happiness.
    If you are not happy, then as the owner, your business suffers. Happiness is a precursor to business success.
    We share such ideas in “Uncover Your Inner Sales Genius.” For a complimentary copy, email JerryBellune@yahoo.com or call us at 803-359-7633.
    Copyright 2019, The Bellune Co., Inc.

Want to be the low price leader?

No, you don’t. Leave that to Walmart.
Our friend Ruth King tells the story about Chuck the auto mechanic and Charles the Master Jaguar Craftsman.
Chuck’s customers bring him their Honda Civics, want to know what repairing it will cost them, argue with him over prices and try to nickel and dime him to death.
Charles’ clients bring him their Jaguars, never question his prices and want to know only when it will be ready for them.
Do you want to be Chuck or Charles?
One of Ruth’s clients dressed like a slob. Yet he wanted his franchisees to dress well.
The first thing he had to do, she told him, was to set the example and dress for success. It shocked his people but he showed up looking like a new man.
While we’re at it, take a look in the mirror yourself. How are you dressed for success? Or do you look like Grumpy Gus who just got off the 3rd shift?
“If you want your company to be perceived as Charles, then everyone must act like Charles,” Ruth says. “You as the leader build that company culture.
For more brilliance like this, sign up for Ruth’s complimentary newsletter at rking@profitabilityrevolution.com
We share such ideas in “Maverick Entrepreneurs’ Million Dollar Strategies.”
For a $20 personally autographed copy, contact us at 803-359-7633.
Copyright 2019, The Bellune Co., Inc.

Have you planned your exit strategy?

This time of year many of us have much to be thankful for. And those of us who have been at it many years are starting to think about selling our businesses and what our exit strategy should be to retire.
Business coach Ruth King says we need profit and wealth to have something to sell.
Where is the wealth? 2 major places:

  1. Your productive employees. They produce revenue for your company so that all revenue is not dependent on you.
  2. Your recurring revenue clients. These are people who trust you. They provide recurring revenue and give you something to sell after years of hard work.
    What you could do:
  3. Realize that focusing only on the profit and loss statement can be disastrous in the long run. You must pay attention to both your balance sheet and your P&L.
  4. You must build recurring revenue to have something valuable to sell or pass along to the next generation.
  5. You must build wealth. This means your current ratio – current assets divided by current liabilities on your balance sheet– must be increasing.
  6. Open a savings account and deposit at least 1% of every dollar that comes in.
    We share such ideas in “Maverick Entrepreneurs’ Million Dollar Strategies.” For a $20 personally autographed copy, contact us at 803-359-7633.
    Copyright 2019, The Bellune Co., Inc.

The 20% rule of costs and returns

A friend called the other day to pick our brains. He wants to start a small weekly newspaper in his community and wanted to know what we did in starting ours.
Here’s the Cliff Notes version.

  1. Create a business plan. Recruit your tax accountant to help you crunch the cost and revenue numbers.
  2. Project what your costs will be as accurately as possible. That will take several days to research and talk with potential vendors, asking for discounts and deals.
  3. Project where your revenue will come from, who your ideal customers will be and how much they will invest with you.
  4. List your top 20 ideal customers and go see them. Share with them your plans in confidence. Ask them to talk you out of doing it. That will tell you right away if they are truly a prospect.
  5. Shave 10% off your revenue projections just in case you don’t make them. Add 10% to your cost projections to cover the unexpected. From that 20% swing, figure how long it will take to become profitable.
    Do you have enough cash? If not, where can you get what you need? Will your bank give you a loan? Interest rates are low but lenders want to see a good business plan.
    We share such ideas in “Maverick Entrepreneurs’ Million Dollar Strategies.”
    For a $20 personally autographed copy, contact us at 803-359-7633.
    Copyright 2019, The Bellune Co., Inc. To get an electronic version, click here to visit Amazon.

Your 3 best connecting strategies

MaryEllen Tribby believes “connecting” is a better word than “networking.”
Her 3 best connecting strategies are:

  1. Cultivate relationships. Project an image of warmth, approachability, understanding, knowledge, empathy, and an ability to engage. Be genuine.
    Take an interest in everyone you meet. Remember their names. Listen to understand their needs and how you can help.
  2. Make small talk. Learn to talk to anyone about anything. Initiating conversations helps you connect with people who may become valuable contacts.
    Use a few key phrases such as “Where are you from?” “How did you get started?” and “Do you have children?”
  3. Actively listen. Connecting is not about selling. It is about listening and showing your interest in them. Allow others to open up and talk freely. Give your undivided attention even if it is only for a few moments.
    Take an interest in what’s said and acknowledge this by nodding or agreeing.
    Use positive body language with eye contact. This means you are not looking over their shoulder to see who else is around.
    We share such ideas in “Maverick Entrepreneurs’ Million Dollar Strategies.”
    For a $20 personally autographed copy, contact us at 803-359-7633. To get an electronic version, visit Amazon by clicking here.
    Copyright 2019, The Bellune Co., Inc.

Never forget the Scouts’ motto

Were you a Scout as a kid? If so, you will remember that famous motto – “Be prepared.” It’s not just for when you were young. It’s for business and for life.
Ace copywriter John Carlton reminds us that no matter how many good customers we have, it is smart to have a few more prospects in our pipelines at all times.
A perverse habit many entrepreneurs fall into is becoming too comfortable when things are going well, Don’t close your eyes to opportunities to serve new prospects. Providence may decide to rattle your smug little cage and teach you a lesson.
That happened to us the other day. We thought we had a big ticket proposal sold and an email came days before the deadline. The prospect decided to do something else. And we had to get someone else fast to take an annual publication’s back cover.
It can happen to you. Your client gets angry, dies or is dragged off to the hoosegow with no other prospects in your pipeline.
You need a plan for when things go bad. An escape hatch. Money for rainy days.
Start with long-term goals. How do you want the next 10 years to go? Where do you want to be when it’s time to retire? How much moolah will you need?
 We share such ideas in “Maverick Entrepreneurs’ Million Dollar Strategies.”
For a $20 personally autographed copy, contact us at 803-359-7633. Get an electronic copy from Amazon by clicking here.
Copyright 2019, The Bellune Co., Inc.

Can your business pass this financial test?

Our friend Ruth King says financial statements are our scorecard. We need them on time to properly price our offers, make good decisions to earn a profit, spot minor issues and resolve them before they become major crises.
A financial statement prepared by the company’s accountant quarterly is unacceptable. Boxes of receipts delivered to our accountants at the end of the year are unacceptable. Timely, accurate financial statements on the last business day of the month help you spot and fix minor problems before they become major ones. Our long term survival depends on them.
The first thing to do with financial statements is a quick review. If something looks wrong, question it and get it right before going any further. Is income up or down from this month last year? How about payroll and other expenses? Do you know why they differ? Is this a good or bad sign?
Calculate ratios which answer:

  1. Can we pay all of our bills?
  2. Are costs too high?
  3. Do we have a collections problem?
  4. A personnel productivity problem?
  5. Are we carrying too much debt?
    Ruth’s “The Courage to be Profitable” explains each ratio in detail. It’s available on Amazon. For an autographed copy, call her at 770-729-0258.
    We share such ideas in “Maverick Entrepreneurs’ Million Dollar Strategies.”
    For a $20 personally autographed copy, contact us at 803-359-7633 or email JerryBellune@yahoo.com . For an electronic copy click here to see the book on Amazon.
    Copyright 2019, The Bellune Co., Inc.

Avoid your biggest business nightmare

Running out of cash can give you hyper-stress and sleepless nights.
This happens when you don’t have enough revenue in slow times, haven’t saved enough to cover those times, an employee is stealing from you every week or you don’t set prices to make a profit.
Here are 4 ways our friend Ruth King advises to prevent running out of cash:

  1. Be your own banker. Use a savings account to transfer money each week. Save 1% of every check that comes in the door. Transfer it when you make the deposit.
    This is easy to do and easy NOT to do. Over the years this 1% adds up to a lot of dollars to cover payroll or other expenses.
  2. Watch your accounts receivable. If an invoice is to be paid in 30 days, call your account on the 31st day with a friendly reminder to pay by credit or debit card.
  3. Make it a policy to get payment at the time of order or at least a deposit. You can also charge a 1.5% carrying charge per month on delinquent accounts.
  4. Weekly cash flow reports will track incoming and outgoing dollars every week. Then predict cash inflows and outgoes for the next week. Email Ruth for a weekly cash flow report (rking@ontheribbon.com).
    We share such ideas in “Maverick Entrepreneurs’ Million Dollar Strategies.”
    For a $20 personally autographed copy, contact us at 803-359-7633.
    Copyright 2019, The Bellune Co., Inc. To get your own electronic version online visit Amazon by clicking here.