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Small Bizcast: It's a wonderful life!
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We will interview the SB warriors who have won some and lost some...People like yourself whose waking hours are consumed by their business...It's a Wonderful Life!

20/06/2024

You may think you're doing the right thing... but the law has other ideas 😆
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Link: https://linktr.ee/SmallBizCast

17/06/2024

The international disruptor that was the pandemic didn't stop Laura Withrow from starting her own firm. Through resilience, innovation, and cunning, she founded Withrow Employment Law, P.C. to take control of her career and provide unparalleled services. Withrow opens up to host Joel Volk, Hot Dog Business Growth, revealing the struggles she faced and how her mentors helped her break through the noise. Her firm is remembered for being proactive in compliance and has a reputation for avoiding legal pitfalls. Tune in to hear the relatable story of Withrow Employment Law, P.C. and the people who make it possible.
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Link: https://linktr.ee/SmallBizCast

30/04/2024

No entrepreneur ever got anywhere without asking for help! Asking for help is a crucial factor in driving success!
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Link: https://linktr.ee/SmallBizCast

25/04/2024

Brenda Allison is the epitome of what the modern day entrepreneur needs to be. With nothing but a laptop and a dream, she practiced perseverance and innovation to get to where she is today. Fellow small business leader and host of Small BizCast, Joel Volk, interviews Allison to understand the wins and losses required to become a leader in the insurance world and inspiration to all.
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Link: https://linktr.ee/SmallBizCast

15/04/2024

Turning Disagreements into Opportunities and Building Loyalty Through Communication.

Those of us who grew up believing the “Customer is Always Right” have undoubtedly been disappointed by customers who are rude, disruptive, and unreasonable. We can all tell war stories of the ones that still raise our blood pressure or sting because we lost a business relationship.

Although I believe decisions in business must be made assuming all parties are reasonable, I do think there are ways we can control those times when doing the right thing means disagreeing with a client’s request.

The first and foremost principle is to focus on what you are willing to do rather than what you’re not. For instance, if a client is asking for an immediate appointment for their perceived emergency and you’re unable to accommodate the request. This example is a common problem because of many logistics such as limited labor bandwidth, and geographic or supply chain challenges to name a few.

At times like this, the client’s emotions are likely high and probably growing with time. Because of this, stating logical, and reasonable reasons why you are unable to accommodate their requests will seem like poor service or excuses.

Instead, focus your answer on what you will do to help them. Better yet, tell them what you’ve already started to do to help them.
The actual solution may take longer than what they’ve asked but because you’re managing the problem without delay, the impact of this emergency will be mitigated, and your solution provided as quickly as possible.

To bolster your efforts and continue to build the customer’s confidence, communicate regularly (even if there is no news). Let the client know the status of your progress. Although the goal is for you to reach out to the customer before the customer reaches out for updates, ensure your customer-facing team has access to current information. Do everything possible to keep the client from thinking they have to explain their situation.

Hints:

a. If the customer is reaching out to you first, it’s likely because they do not have confidence that the situation is being handled. When that occurs increase your communication cadence.

b. This is a good opportunity for your company. If handled with effectiveness, alacrity, and professionalism, your customer may become your greatest champion. They’ll tell their colleagues and write positive reviews.

In conclusion: When navigating the challenges of client expectations, it becomes evident that the mantra "Customer is Always Right" may not always hold true. However, by prioritizing proactive communication, managing expectations effectively, and focusing on solutions rather than limitations, businesses can turn moments of disagreement into opportunities to strengthen relationships, foster loyalty, and ultimately, convert clients into fervent advocates of their brand.

I welcome your comments, ideas and stories!

03/04/2024

Most founders aim to boost sales, but prioritizing top-line growth can attract low-quality revenue, potentially reducing your company’s value.

To an acquirer, revenue quality varies. They prioritize future revenue predictability, valuing recurring income from contracts and subscriptions higher than one-off sales. Consequently, firms with recurring revenue often command a revenue-based valuation, whereas businesses reliant on transactional revenue are usually valued based on a multiple of EBITDA.

Why Mike Winnet Turned Google Down

Mike Winnet provides an excellent case study on the importance of prioritizing the right kind of revenue.

Winnet started U.K.-based Learning Heroes after recognizing that most e-learning programs were long and boring. He saw an opportunity to transform the industry by selling large companies a subscription to his short, engaging, animated training courses.

Although his company was growing, it was still thirsty for cash. Winnet was drawing a salary of just £500 a month when he received a lucrative offer from Google. The giant search firm offered Winnet £90,000 to create a custom course for them. The course would have taken his team just three months to develop, and Winnet would have welcomed the injection of cash.

But Google’s offer was a one-time transaction and didn’t sit right with Winnet, who was trying to build a company based on recurring revenue. “I know loads of people who would have taken that £90,000 contract, but we didn’t because it didn’t fit the model. We used to have a sign on the wall that said, ’Does It Make the Boat Go Faster?’ and if the decision didn’t make the boat go faster, we wouldn’t do it.”

Not only was Winnet concerned Google’s offer would slow their journey to becoming a subscription-based e-learning juggernaut but he also knew the one-off nature of the revenue had the potential to undermine the value of his company in the eyes of potential acquirers.

Winnet started Learning Heroes with the intent of selling it within three years for £10 million. He knew he would need to position the company as a product-based subscription business to garner such a premium offer.

Winnet understood that a simple service company doing one-off projects, like the one Google was offering, would be lucky to garner an offer of one times revenue. In contrast, a subscription-based product company could command a much higher valuation from an acquirer.

By accepting the Google project, Winnet would have run the risk of appearing to be a project-based consultancy and accidentally falling into the service business category in an acquirer’s mind.

In the end, Winnet’s discipline paid off when he accepted an acquisition offer from Litmos of £8 million, representing roughly four times his revenue at the time.

Had Winnet been viewed by an acquirer as a traditional service company, he would have likely been offered a quarter of what he received.

Rather than focusing exclusively on revenue growth as a goal, owners that sell for the highest multiples tend to concentrate on growing value, even if that occasionally comes at the expense of short-term sales.

I welcome your comments, ideas and suggestions.

10/03/2024

From puppies to late in life, these loving labradors are ready to complete their families. Having rescued 8 Labradors in the last 30 years, I can help make this easier for you.

07/03/2024

In our to work with clients well, you need to go through proper discovery. THEN you can give a recommendation.
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Link: https://linktr.ee/SmallBizCast

05/03/2024

How do you make a client feel valued while providing the best possible solutions to their online presence?

Jenny Manocchio, Vice President of Sales and Marketing at CaliNetworks, has worked with Joel Volk. This episode serves partially as a refresher course for Manocchio and Volk who recall their mentorship and lessons learned together. In this episode, learn with Jenny the necessities of client relations and how listening and care play a vital part in value-based strategy.
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Link: https://linktr.ee/SmallBizCast

12/02/2024

PR is like sailing... no two days are the same.
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Link: https://linktr.ee/SmallBizCast

08/02/2024

How can skills and strategies from unrelated fields, like competitive sailing, be transferred to public relations and business management in general?
In this episode of Small BizCast, Joel Volk of Hot Dog Biz Growth took a deep dive with Kellee M. Johnson into the nuanced world of strategic public relations and its critical role in business. We explored the importance of timely and thoughtful communication, the delicate balance between storytelling and silence, and the sophisticated tactics of handling public crises. We shed light on the powerful PESO model for comprehensive media outreach and emphasized the need for authenticity and strategic planning in a media landscape that's constantly shifting. They discuss navigating through challenges and opportunities, and recall the lessons of adaptability and preparation, applying them to our pursuits for enduring success.
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Link: https://linktr.ee/SmallBizCast

22/12/2023

Helpful pointers on team communications! 🤔😮
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Link: https://linktr.ee/SmallBizCast

19/12/2023

Certain businesses tend to get overlooked when it comes to receiving any guidance, whether in the form of coaching, consulting, leadership training, etc. Amy M. Gardner created Apochromatik, her consulting brand, around eliminating distractions and focusing teams in the right direction. Joel Volk of Hot Dog Business Growth learns about her unique take on consulting and how it positively impacts a variety of teams.
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Link: https://linktr.ee/SmallBizCast

20/11/2023

When you challenge your understanding of how your business operates, your business grows.
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Link: https://linktr.ee/SmallBizCast

15/11/2023

What does it take to invest in a business? It's a lot more than throwing money around and hoping for the best. John K. Murphy, or "Murph", reveals the deeply intricate world of investment banking and angel investing. Murph tells Joel Volk of Hot Dog Business Growth of the analytics and dynamic decision-making process that comes with consulting.
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Link: https://linktr.ee/SmallBizCast

12/10/2023

A well-planned day should feel symphonic 🎼
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Link: https://linktr.ee/SmallBizCast

10/10/2023

When choosing your mentor or coach, one might assume that you need a stern, to-the-point, A-choice personality to be disciplined and prepared. L. Williamson of FLO Coaching and Operations is living proof that the demeanor of a successful business leader comes in many forms. Learn with Joel Volk of Hot Dog Biz Growth the unique business philosophy that Williamson holds his clientele to.
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Link: https://linktr.ee/SmallBizCast

17/08/2023

What is there actually to be afraid of?
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Link: https://linktr.ee/SmallBizCast

15/08/2023

Creativity goes beyond pen and paper. You don't need to be a world-class painter in order to leverage your right-brained talents. Rochelle Seltzer of Live Big! helps business leaders leverage their creative side in order to create unique solutions for their clients and staff. Her work in women's empowerment has inspired many to grow from her one-of-a-kind practice. Joel Volk of Hot Dog Business Growth gets his very own professional philosophies challenged and learns a thing or two from Seltzer's impactful approach.
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Link: https://linktr.ee/SmallBizCast

19/07/2023

Happy National Hot Dog Day!

Let's relish in the deliciousness and have a bun-tastic time! 🌭🎉

14/07/2023

Believe it or not, there is such a thing as Zoom etiquette. Be sure to listen to these tips to get hired at your next leadership role!
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Link: https://linktr.ee/SmallBizCast

10/07/2023

Have you ever walked out of a job interview and felt like you blew it? Or if you're an employer, have you ever hired someone too hastily without doing your due diligence? Warren Rutherford is the President of The Executive Suite, an executive search firm that finds the leadership that businesses need to continue on. Joel Volk of Hot Dog Business Growth highlights the skills and tips needed to excel whether you are the interviewer or interviewee.
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Link: https://linktr.ee/SmallBizCast

16/06/2023

Davis Beckham is here to help. Very few business owners share his same level of empathy.
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Link: https://linktr.ee/SmallBizCast

13/06/2023

There are many experts out there that help residents with their real estate-related finances and investments. Davis Beckham of Dignified Home Loans is one of them. However, Beckham suffered from a pain point that isn't highlighted on this podcast too often. In this episode, Joel Volk of Hot Dog Business Growth, approaches the topic of alcoholism and substance abuse in a sensitive and compassionate manner. Davis and Joel discuss the difficult relationship of personal health, career, and family.
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Link: https://linktr.ee/SmallBizCast

21/04/2023

It's rare to find a company with aculture as transparent and supportive as this.
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Link: https://linktr.ee/SmallBizCast

18/04/2023

Leilani Quiray, founder of be the change HR, speaks with Joel Volk on the Hot Dog Biz Growth covering the efforts in social impact entrepreneurship, transparency, travel, and company culture. Quiray stressed the importance of building a business that aligns with values and makes a positive impact on society.
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Link: https://linktr.ee/SmallBizCast

10/02/2023

It's nice that entrepreneurs are becoming the next rockstars of our generation... but it does set unrealistic expectations.
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Link: https://linktr.ee/SmallBizCast

07/02/2023

Selling your business can be daunting and lonely. How can you possibly know, without any prior experience, whether or not the bigger fish are cutting you the right deal? Jessica Fialkovich took her experience from selling her winery and turned it into a consultant practice known as Exit Factor. Joel Volk of Hot Dog Business Growth learns that Jessica and he happen to have a lot in common and can collaborate on many of their leading clients, together.
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Link: https://linktr.ee/SmallBizCast

13/01/2023

Less is more.
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Link: https://linktr.ee/SmallBizCast

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Videos

You may think you're doing the right thing... but the law has other ideas 😆 ➖➖➖ Link: https://linktr.ee/SmallBizCast

No entrepreneur ever got anywhere without asking for help! Asking for help is a crucial factor in driving success! ➖➖➖ Link: https://linktr.ee/SmallBizCast

In our to work with clients well, you need to go through proper discovery. THEN you can give a recommendation. ➖➖➖ Link: https://linktr.ee/SmallBizCast

PR is like sailing... no two days are the same. ➖➖➖ Link: https://linktr.ee/SmallBizCast

Helpful pointers on team communications! 🤔😮 ----- Link: https://linktr.ee/SmallBizCast

When you challenge your understanding of how your business operates, your business grows. ----- Link: https://linktr.ee/SmallBizCast

A well-planned day should feel symphonic 🎼 ----- Link: https://linktr.ee/SmallBizCast

What is there actually to be afraid of? ----- Link: https://linktr.ee/SmallBizCast

Believe it or not, there is such a thing as Zoom etiquette. Be sure to listen to these tips to get hired at your next leadership role! ----- Link: https://linktr.ee/SmallBizCast

Davis Beckham is here to help. Very few business owners share his same level of empathy. ----- Link: https://linktr.ee/SmallBizCast

It's rare to find a company with aculture as transparent and supportive as this. ----- Link: https://linktr.ee/SmallBizCast

It's nice that entrepreneurs are becoming the next rockstars of our generation... but it does set unrealistic expectations. ----- Link: https://linktr.ee/SmallBizCast