Small Bizcast

29/08/2024

During a recent conversation with a client, we talked about their impressive conversion rate when engaging with the right prospects. The real challenge, however, lies in finding those ideal prospects.

This reminded me of a recent guest on my podcast, Small BizCast, Caryn Kopp. Caryn is a talented business leader who has spent over 25 years successfully helping companies overcome this exact challenge.

I invite you to check out my insightful conversation with Caryn on the latest episode of Small BizCast:

Shedding more light on the sales world is Caryn Kopp from Kopp Consulting. Caryn shares her unique strategies and theories that have helped her and her clients

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