- So what do you do if your business is failing,
that you know you're not generating enough revenue,
you're not bringing enough cash flow
and you say to yourself,
I don't know how long I can sustain this.
I don't know, how long do I have before I run out of cash?
What do you do, how to solve this problems?
Now in my business career, I've been near bankruptcy
twice in my business career.
I've never filed bankruptcy in my entire life,
but two times it was near bankruptcy
and they are also a couple incidents
where I was leading a company,
I was turning around a company
and so what did I do when I go in there, try to fix it?
So maybe you're in that situation knowing
that you've got maybe weeks or months left
and you got to turn it around.
So what do you need to do in order to turn it around.
Today, I'm gonna give you three powerful ideas
of what you need to focus on.
Number one, you want to focus on cutting expenses.
What do I mean by that?
You need to look at it, now I'm not.
If you studied my work, you know that I am not a person
that believes in being frugal and being cheap, right,
as the king of high ticket sales,
but when your business is failing,
you need to squeeze every dime of profit that you could.
You need cash.
See, business only go out of business
because they run out of cash, period.
As long as you have cash coming in,
meaning the payroll, paying all the overhead, you are okay.
It buys you time.
So I want you to think of all the expenses you have.
Look at every single line when your business failing,
what are some of the things that you could cut?
Do you really need that for now?
Can you sell off some stuff to generate some more cash?
You need cash in the bank,
so focus on cutting unnecessary expenses,
especially those recurring expenses, the one that,
those expenses that it's like a monthly charges.
Do you really need those things?
Do those things, those assets,
those things bring you more money.
If not, you cut them.
Look at every single line.
That's the first thing you need to focus on
'cause you need cash, you need to buy time.
The second thing you need to focus on is focus on sales.
What I mean by that, you see no businesses succeed
overnight and no businesses fail overnight.
It's failing because you are failing as a leader,
as a CEO, running a company.
It could be that if you're honest,
are you focusing too much time on the thing,
on the invention or the product
or making it all perfect on the service?
Doing a lot of fancy shit instead of getting to the core
of the problem, or are you focusing time
on generating revenue, producing sales.
No company goes out of business because of too much revenue,
so chances are, as a leader, your mind,
are you not focusing enough,
paying enough attention to sales,
or maybe you say, well, sales is not my thing.
I just manage people.
That's the fucking problem.
That's why your business failing.
You need to be the number one
sales person advocate for your company.
There's no one within my dental organization
that can sell better than me, period.
I am the number one salesperson
the number one closer for my organization.
Look at Steve Jobs.
No one can sell Apple better than Steve Job.
When they do new product presentation.
He's closing, he's doing a product announcement,
ideas, marketing, he is a marketing genius.
Remember, it's not the thing
it's the thing that sells the thing.
You need to figure out what is the thing
that sells the thing?
What is the thing that moves the needle?
What is the thing that generates cash for your business?
How does that work?
How is money being made?
You need to know that process inside and out
and with your business failing, all in,
you better be, you better be sleeping, breathing,
living sales every single day.
How can I sell more?
Can I go back to my old customers?
We activate and sell them again,
my existing customers right now,
can I sell them more things we're gonna get new customers.
Focus on sales.
Number three.
You want to focus on learning.
Chances are, if you are in this situation,
if you get yourself in this situation,
there's something you don't know,
there's something you're not, you're not sure of,
you don't have enough knowledge.
That's all that means,
you see the books that you don't read don't help you.
It means now as you are cutting expenses,
you're focusing on sales,
but at the same time you got to learn.
You got to learn.
You got to have more information, more knowledge,
so you have more choices, more solutions
to solving one single problem.
'Cause right now you see the problem in front of you.
You don't know how to solve it
or maybe you only have one or two ways of solving it.
But when you know more and you learn more,
now you have three, five, 10 ways to solve it.
You can solve it faster.
You can solve it with less resources,
you can solve it with ease,
but you won't know the answers if you don't do that.
So we can see all these things
as the leader of your company,
as the CEO of your organization,
if you have to be very, very honest with yourself,
do you have expenses that really you don't need?
It's nothing more than the ego-driven expenses.
It satisfies your ego.
It doesn't produce any revenue,
it's not, that doesn't do any good for the company.
Do you look down upon sales?
Do you feel like sales is not your thing?
It's not important thing for a company,
and you spend all your time focusing on the widget,
the product, whatever the service is.
Or do you know the business you're in,
which is the sales and marketing business.
You are in the business of marketing
your products and services,
it's the thing that sells the thing.
It's not the thing.
And then are you learning enough?
Are you spending enough time?
Do you learn from someone that has been there and done that?
Do you learn from other entrepreneurs
what are the best practices.
How well do you know your competitors?
How well do you know your enemy?
Just like the saying, keep your friends close,
but keep your enemies closer.
You should know your enemy,
your competitors better than they know themselves.
When you can do that, you can beat them,
but you don't do that.
You don't know enough about yourself,
your weaknesses, your strength.
You don't know enough about your competitors.
You'll never win.
Your competitors will always out earn
and outperform you and outsmart you.
You don't want that.
If you're serious about turning around your business,
if you want to expand the possibility,
I have an invitation for you.
Click on the link below and join me, my global community.
Dan on Demand, where every single month
I'm gonna teach you some of the most important lessons
I've learned when it comes to business,
when it comes to advertising,
when it comes to entrepreneurship,
when it comes to decision making, management,
and leadership that we have thousands
and thousands of students worldwide,
thousands and thousands of entrepreneurs
worldwide getting together, learning,
growing every single month.
So join us.
Click the link below and I'll see you in class.