BUSINESS OWNER
The Hidden Danger of Cross-Selling
Republished with permission from Built to Sell Inc. You’ve likely heard the adage that it is far easier to cross-sell an existing customer a new product than it is to find a new customer. And if your goal is to grow at all costs, then cross-selling makes sense. However, all of that sales growth may…
3 Ways to Flip Repeat Customers into Subscribers
Republished with permission from Built to Sell Inc. Repeat business drives the value of your company, and you can categorize these sales into one of two buckets: Reoccurring revenue comes from customers who purchase from you sporadically. They’re satisfied with what you offer, and they buy regularly yet not according to a specific timeline. Recurring…
How to Turn Repeat Customers into Subscribers
Republished with permission from Built to Sell Inc. Many people mix up re-occurring and recurring revenue, but one is much more valuable than the other. Re-occurring Revenue Re-occurring revenue comes from customers that have a re-occurring need for whatever you sell and buy from you on an unpredictable yet regular basis. Imagine a health food…
4 Reasons Why It’s Better to Own a Big Chunk of a Small Company
Republished with permission from Built to Sell Inc. Is it better to own a big chunk of a small business or a minority stake in a big company? It’s one of the fundamental questions all owners must wrestle with. Owning a relatively small slice of a big pie has worked out well for both Elon…
10 Resolutions That Will Boost the Value of Your Company
Republished with permission from Built to Sell Inc. Finally, 2020 is in the books. Good riddance. If your goal is to build a more valuable company in 2021, here are some New Year’s resolutions to consider: Stop chasing revenue. A bigger company is not necessarily a more valuable one if the extra sales come from…
How to Create a Recurring Revenue Model That Appeals to Customers
Republished with permission from Built to Sell Inc. Have you struggled to identify a recurring revenue model that will work in your business? If so, you’re not alone. Most owners understand the benefits of recurring revenue, such as predictable cash flow and an increase in their company’s valuation, but struggle with where to start. Just…
3 Things to Consider When You Hit “The Freedom Point”
Republished with permission from Built to Sell Inc. When was the last time you calculated the percentage of your net worth tied to your company’s value? When you started your business, its value was probably negligible. Unless you purchased or inherited your company, it wasn’t worth much when you opened your doors, but over time,…
The Most Critical Factor in Achieving Your Goals May Surprise You
Republished with permission from Built to Sell Inc. As we roll into the fourth quarter of the year, you may be starting to consider your business goals for next year. Given how 2020 has gone, maybe your primary ambition is to survive in 2021. Perhaps you’re going to create a recurring revenue stream or finally…