When it comes big bucks CEOs, you could not pick a pair more different than Angelo Mozilo and Warren Buffett.
Angelo founded Countrywide Financial, a giant mortgage lender during the last big real estate bubble. His 2nd in command and heir apparent Stan Kurland tried to caution him about over-extending the company’s credit. Angelo ignored him.
Stan left the company with $25 million and formed a rival real estate lender.
You may remember that Countrywide went bust because its CEO would not listen.
His #2 man’s new company did not fail.
In contrast, Warren Buffett has built Berkshire Hathaway into a mega-billion dollar investment holding company.
Much of its success he attributes to his partner Charlie Munger. He calls Charlie his “Abominable No-Man.” Warren appreciates the good ideas Charlie suggests – and the bad ideas he shoots down.
A business owner we know attributes most of his company’s success to his wife and co-owner. He is a dreamer and risk taker. His wife is highly creative but she is a tough-minded realist, too.
She is his Abominable No-Woman.
If you don’t have someone like her, you had better find one. She can save you from your most foolish notions
We share such hard realities in our “Uncover Your Inner Sales Genius” e-book.
Next: Appeal to their emotions.
Copyright 2021, The Bellune Co., Inc.
Whatever happened to Joyce who used to do business with us? No, she didn’t die. She just quit doing business with us.
Why? Did we do something wrong?
No. Joyce decided she could afford to advertise on TV based on the business our advertising had brought her.
We need to reactivate Joyce and other of our lost or inactive customers.
Go through your customer list. Highlight the people who have not bought in the past 3 years. Send them a postcard. Text them. Email them. Send them your weekly blog. Call them. Find out how they are doing.
Our friend Ruth King recommends you write or call with a message that says:
“Thank you for your past business. I was concerned because we haven’t taken care of your _____ in the past few years. What can we do to help you in you again?”
Be prepared to find out that they thought you went out of business because they haven’t heard from you. And they will tell you what it will take to help them again.
One of Ruth King’s clients sent 100 “we want you back” postcards. Cost: $50. Got back 3 clients and a $10,000 job. The postcard paid for itself many times over.
The cheapest way to grow your business is to reactivate your lost customers. Set aside a single hour a week to call them.
We share such field-tested strategies in our “Killer Secrets of Successful Entrepreneurs.” For a $20 personally autographed copy, email JerryBellune@yahoo.com.
Next: Your vision for your business
Copyright 2020, The Bellune Co., Inc.
When our friend Mac Toole was serving as a SC lawmaker, he had a wise strategy.
He would set out to convince one of the top leaders to introduce a bill his constituents wanted. It was easier to convince one leader than 123 other legislators.
The leader would get the credit, Mac’s constituents would get what they wanted and everyone was happy. You can get a lot done in life if you don’t hog the credit.
I learned that early in peddling Watkins Products door to door in college to keep gas in my car. My best selling product was a lemon pie filling that was out of this world. My mother used it all the time.
She said it cut a half hour off the time it took her to make lemon pie – and it tasted like she made it from scratch.
When I called on the ladies of the houses in my territory, I would ask if their families liked lemon pie. 99% said yes.
I would tell them how fast and easy it was for my mother to make lemon pie.
I would offer them a bottle with the guarantee that if they didn’t like it, they would get their money back. It then became their idea that the lemon pie recipe was theirs. I used it to open doors and sell them other household products.
Always let your prospects think that whatever they buy was their idea.
PS. All of us at our little newspapers wish you and yours the happiest of holidays and the best in the new year.
Next: Take care of the pennies in 2021.