Success Enterprises Consulting Quarterly
Welcome to the 3rd edition of Success Enterprises Consulting Quarterly.
Here's to your success!
"Reduce your Cash Burn Rate"
How easy is it to forget the basics? Like cash for instance – and even who is in charge of your business?
It might seem obvious, but some companies just like to take each day as it comes and then see how it goes.
This is fine when work is flowing nicely, but what happens when the flow of work starts to dry up, and then the cash balance in the bank account starts to shrink? What do you do?
A client asked us this question recently. “How can we get focused so that our new business has a chance of success?”
We worked with Sarah McCully, the MD, and helped her to think through "What are the options that I need to take to the board and how can we set the business up to survive the next year?"
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We all love a good news story. This one is great. How would you feel if one of your team was able to win a scholarship, worth over A$85,000?
Damini Singh applied for a MBA place at Cranfield School of Management in the UK, then applied for the Cranfield Australian Alumni Scholarship, won her MBA place and went on to win the scholarship too.
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Anecdotal evidence over the past few months indicates to me that there are two types of business. The first are those that are really benefiting from the change in economic environment – although I must say that these are the exception. The second group, the majority group, are suffering from a reduction in sales revenue as a direct consequence of their clients deciding to cancel or defer spending.
With this in mind, firstly we are sharing an experience in how someone we met Lost the Pitch – even before they had got to know us. Secondly we are offering a free white paper on “Winning the Pitch”, which will help you to focus and win some of that lost business back.
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Reduce your cash burn rate.
Go from having 6 weeks left before money runs out, to over 6 months money in the bank
The MD of this start-up sales, marketing and advertising business was concerned that although the business had started well, the business had stalled and needed clarity on direction and focus.
The business at the time had such a high cash burn rate that it only had 6 weeks of life left before running out of cash.
We helped the MD of the business to gain clarity, focus on the important and take decisive action.
Thank you Sarah
Strategy: Losing the Pitch – How asking the wrong questions will get you nowhere – and what you can do about it
Winning the Pitch is all about regaining lost revenue and getting back into growth again. When clients decide to hold back spending for whatever reason, your job becomes more difficult. It is no longer enough to work with a business as usual mentality. Something has to change.
The one big thing that we would recommend you have a look at is your questioning process. If you can get this right, then you are well on the way to being able to provide your client with a solution that will meet their needs. It will be what they want, delivered how they want it, when they want it AND at a price that they are willing to pay.
But first an example for how NOT TO DO IT. Losing the Pitch.
A true story. A chap came up to me recently at a business networking event. He was a complete stranger to me. Within 30 seconds he had asked me for a business card and proceeded to thrust one of his under my nose. Then he proceeded to tell me how fantastic he was and how he could do great things for me. In the next minute, he indicated to me that it had been good to meet me and that he thought that it would be a good idea for us to speak later about how to we could do business together. I hardly had chance to speak – he just kept talking.
I was simply completely put off by this guy. So I put it down to experience and continued to mingle.
The next day I received an email from him, which is ok, but I did not like the contents. I had met this guy for 2 minutes and now he was selling to me.
“Wonderful meeting you last night! I'm following up now to offer you a half hour complimentary session of my work .....”
I was not impressed at all. I did not need what was on offer, I did not ask for what was on offer and had no interest in the offer at all. So I replied:
“Hi, an observation and one question.
In fact, other than the business cards we exchanged, unless you have gone to look at my website and unless you have specifically asked others about me, then you probably know nothing about me.
So the one question. Why are you selling to me? Apologies for the directness. No offence intended.”
My response was perhaps a bit rude, but it was 100% genuine and accurately portrayed how I felt. So I’ll leave this with you. Ask good questions and you’ll end up with good business.And finally, for those of you that wish to receive the free white paper, email me on firstname.lastname@example.org with Wining the Pitch White Paper in the subject line, and I will email it to you.