The mlenow Podcast: Recent Episodes
Dylan Gallagher
Is your business #1 in its market? Netflix is a case study on how a business becomes #1. Markets are changed by entrepreneurs and companies that chase their own vision of the future. They base their decisions on what they think could be possible and then pursue it at all costs. What is your business doing to become #1 because anything other than that position means your margins are low and your business isn’t as valuable as it could be.
Click here to watch this episode on YouTube: https://youtu.be/sol1_trKcGA
Website: www.mlenow.ca
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LinkedIn: www.linkedin.com/in/gallagherdylan
Link used in today’s vlog:
https://venturebea [...]
YouTube + Quora Live Episode recorded January 9, 2018
Listen now to discover the answers to these questions:
- What steps do I take to start a business? (1:00)
- Under what circumstances would it be appropriate to turn down business from an existing or potential client? (8:17)
- How good or bad is it to start a business with a loan? (13:58)
- How do I know whether my company is growing or not? (19:58)
Post your questions on Quora at:
https://www.quora.com/profile/Dylan-Gallagher-5
Website: www.mlenow.ca
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Music: Ikson - With You
Are you one of the 100 entrepreneurs we are looking to help this year? We are embarking on a mission to help 100 entrepreneurs start, grow or fix their business in 2018. Why? Listen now to find out.
Website: www.mlenow.ca
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LinkedIn: www.linkedin.com/in/gallagherdylan
“music: Inkson - Last Summer”
Having worked with entrepreneurs and business owners for more than 20 years I can say unequivocally that most businesses fail because they don’t know what they don’t know. Many businesses start out with an idea to deliver a product or service to the market. As the business moves along the owner or entrepreneur doesn’t know what variables they should be looking at in their business to ensure success. This doesn’t mean that every business should have a detailed business plan because that won’t take into account the change in circumstances or market that are guaranteed to happen. What is means is that a business typically lacks some simple guideposts that it can measure its progress (or lack thereof) against and adjust as necessary. Businesses don’t have to fail at the rate in which they do but unfortunately when you don’t know what you don’t know circumstances and changes can be difficult to navigate through until its too late.
Does your business have super fans or customers that would buy anything your company offered? United Masters is a new company that Google has invested in because it is giving artists the opportunity to interact with their fans in ways never seen before which may disrupt the music industry. What about your business? What are you doing to cater to the best customers or clients your business has? Taking time to think about your top customers could lead to new opportunities.
Click here to watch this episode on YouTube
Website: www.mlenow.ca
Facebook: www.facebook.com/mlenow
LinkedIn: www.linkedin.com/in/gallagherdylan
How Can I Grow My Business? Click here to find out - http://bit.ly/2gR5w7u
Do I Need To Fix My Business? Click here to find out - http://bit.ly/2yBeLSZ
6 Questions Guaranteed To Increase Your Profits – Click here [...]
Have you ever wondered how to buy a business? There are many different things to know but you can start by defining why you want to buy a business. Is it in distress? Is the existing ownership looking for an exit strategy or is it a good investment opportunity? The next question to answer is how will you pay for it? With cash? Cash and equity from the current owner or outside investors? Cash and debt from a bank? Listen now to discover some key points that you should keep in mind if you are interested in buying a business.
Click here to watch this episode on YouTube
Website: www.mlenow.ca
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LinkedIn: www.linkedin.com/in/gallagherdylan
How Can I Grow My Business? Click here to find out -
There is no question that Apple is better than Samsung when you measure customer experience and profit margin. While the cost of the devices they sell may be very similar the revenue each of them earn is very different. Why? Because Apple knows that “a brand must be investing and committing to providing the best shopping and service experience possible” *. This enables them to earn more than Samsung. Is your business providing the best customer experience possible?
Click here to watch this epsiode on YouTube
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LinkedIn: www.linkedin.com/in/gallagherdylan
How Can I Grow My Business? Click here to find out - http://bit.ly/2gR5w7u
Do I Need To F [...]
“My Starbucks Rewards” members are about three times more likely than non-members to buy more than one Starbucks beverage a month and two times more likely to buy more than one food item based on a recent survey. Many businesses spend so much time chasing the next new customer that they ignore the opportunity to generate more sales from or through their existing customers. Do you want to increase your sales 3X? Find a way to consistently generate 3 more sales opportunities from existing customers.
Click here to watch this episode on YouTube
Website: www.mlenow.ca
Facebook: www.facebook.com/mlenow
LinkedIn: www.linkedin.com/in/gallagherdylan
How Can I Grow My Business? Click here to find out - http://bi [...]
Coke does it. Under Armour does it. Almost every large company does it. They produce valuable content for their customers. Content marketing is a great way to easily increase your sales. Every business has interesting topics to share with their market and remember that you have probably forgotten more than your customers know. Don’t take that for granted. Start creating content today and use it to market your brand, products and offers.
Click here to watch this episode on YouTube
Website: www.mlenow.ca
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LinkedIn: www.linkedin.com/in/gallagherdylan
How Can I Grow My Business? Click here to find out - http://bit.ly/2gR5w7u
Do I Need To Fix My Business? Click here t [...]
How can your business take first place in the market? Become a market leader in a niche that serves a very specific customer. If your business isn’t first place then your profit margins will suffer and you will always be chasing the competition. Within your market find a category or niche of specific customers that your business can serve and become the leader.
Click here to watch this episode on YouTube
Website: www.mlenow.ca
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LinkedIn: www.linkedin.com/in/gallagherdylan
How Can I Grow My Business? Click here to find out - http://bit.ly/2gR5w7u
Do I Need To Fix My Business? Click here to find out - http://bit.ly/2yBeLSZ
[...]
Netflix is borrowing $1.6B to fund a list of expenses to help them grow. Borrowing money isn’t a bad thing unless you don’t have a plan. How would your business turn $1 into $3 if it could borrow the $1? Many entrepreneurs and business owners can’t specifically answer this question. The answer is the key to using money as a resource instead of a safety net.
Click here to watch this episode on YouTube
Website: www.mlenow.ca
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LinkedIn: www.linkedin.com/in/gallagherdylan
How Can I Grow My Business? Click here to find out - http://bit.ly/2gR5w7u
Do I Need To Fix My Business? Click here to find out - http://bit.ly/2yBeLSZ
Snap has hundreds of thousands of unsold spectacles. They decided to make a move into the hardware market and are learning as they go. How do you profit from failure? The truth is that failure is only failure if you give up. If you are able to revisit why you failed and what you were trying to achieve you must be surprised to find other strategies or changes you can still make to meet your goal.
Click here to watch this episode on YouTube
Website: www.mlenow.ca
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LinkedIn: www.linkedin.com/in/gallagherdylan
How Can I Grow My Business? Click here to find out - http://bit.ly/2gR5w7u
Do I Need To Fix My Business? Click here to find out -
Volvo has decided to compete directly with Tesla by taking their best ideas and making them their own. If you are struggling to come up with a business idea or business strategy – borrow someone else’s. Every business copies ideas and if you need some inspiration take some time to research other ideas and strategies and then see how you might be able to make them your own.
Click here to watch this episode on YouTube
Website: www.mlenow.ca
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LinkedIn: www.linkedin.com/in/gallagherdylan
How Can I Grow My Business? Click here to find out - http://bit.ly/2gR5w7u
Do I Need To Fix My Business? Click here to find out - http://bit.ly/2yBe [...]
Every company needs to know who its best customer is – even Under Armour. The easiest way to grow or fix your business is to define your specific customer and then go and deliver the best experience you can to them. Be the market leader. The better the experience the better your margins will be. Who is your best customer and how well are you serving them?
Click here to watch this episode on YouTube
Website: www.mlenow.ca
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LinkedIn: www.linkedin.com/in/gallagherdylan
How Can I Grow My Business? Click here to find out - http://bit.ly/2gR5w7u
Do I Need To Fix My Business? Click here to find out - http://bit.ly/2yBeLSZ
6 Que [...]
Toys R Us failed to create and deliver a world class experience to their customers which lead to them filing for bankruptcy protection. There are lots of reasons that contributed to their bankruptcy however the most critical one is not serving customers. No business can survive if customers are not being served. What are some of the reasons your business will fail? If you are honest most of them will all relate to not serving customers or because customers are not being recognized as the most important part of your business.
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LinkedIn: www.linkedin.com/in/gallagherdylan
How Can I Grow My Business? Click here to find out -
Coach and its associated companies are rebranding under a new company. This business strategy is meant to help them appeal to a larger base of customers. Could your business use a refresh? You might be surprised to see what happens when you take the time to re-evaluate your name, logo and company image.
Click here to watch this episode on YouTube
Website: www.mlenow.ca
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LinkedIn: www.linkedin.com/in/gallagherdylan
How Can I Grow My Business? Click here to find out - http://bit.ly/2gR5w7u
Do I Need To Fix My Business? Click here to find out - http://bit.ly/2yBeLSZ
6 Questions Guaranteed To Increase Your Profits – Click he [...]
TJ Max is a retailer that is generating big profits and thriving while other retailers try hard to survive. Why? People. A high value business has high value people that create value if they are lead well. How well are you leading the people in your business and how much value are they creating?
Click here to watch this episode on YouTube
Website: www.mlenow.ca
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LinkedIn: www.linkedin.com/in/gallagherdylan
How Can I Grow My Business? Click here to find out - http://bit.ly/2gR5w7u
Do I Need To Fix My Business? Click here to find out - http://bit.ly/2yBeLSZ
6 Questions Guaranteed To Increase Your Profits – Click here -
Walmart begins testing a 35 seconds return policy for customers that buy stuff online and need to return it. This is a great example of an offline and online customer experience that fixes a problem every retailer has. How can your business fix obvious problems with its customer experience?
Click here to watch this episode on YouTube
Website: www.mlenow.ca
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LinkedIn: www.linkedin.com/in/gallagherdylan
How Can I Grow My Business? Click here to find out - http://bit.ly/2gR5w7u
Do I Need To Fix My Business? Click here to find out - http://bit.ly/2yBeLSZ
6 Questions Guaranteed To Increase Your Profits – Click here -
Amazon does a great job of selling generic items. Generic businesses tend to have generic margins that reflect the general market. Unique businesses tend to have margins that are higher than the general market. What type of product or service does your business offer? If it’s generic hopefully your business is the market leader otherwise you better get work on figuring out how to be unique and generate higher margins.
Click here to watch this episode on YouTube
Website: www.mlenow.ca
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LinkedIn: www.linkedin.com/in/gallagherdylan
How Can I Grow My Business? Click here to find out - http://bit.ly/2gR5w7u
Do I Need To [...]
99 Cents Only is having trouble figuring out how to handle hundreds of millions of dollars in debt. Whether your business has $800,000 in debt or $8,000,000 in debt you need to have a plan for getting rid of it. Is your business struggling to figure out how to handle its debts?
Click here to watch this episode on YouTube
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LinkedIn: www.linkedin.com/in/gallagherdylan
How Can I Grow My Business? Click here to find out - http://bit.ly/2gR5w7u
Do I Need To Fix My Business? Click here to find out - http://bit.ly/2yBeLSZ
6 Questions Guaranteed To Increase Yo [...]
Procter & Gamble was struggling to win business that a competitor was taking because they had a strong product that customers were responding to - until they used three words to change how they were looking at the challenge. How is your business changing the context of the problem(s) it is trying to solve? Instead of trying to improve a feature of your product or service try instead to improve the underlying value you are delivering.
Click here to watch this episode on YouTube
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Website: www.mlenow.ca
LinkedIn: www.linkedin.com/in/gallagherdylan
How Can I Grow My Business? Click here to find out - http://bit.ly/2gR5w7u [...]
Starbucks made a big bet two years ago that now generates 9% of their US orders. It took some faith to commit to an idea that they knew their competitors were not addressing and the bet paid off. What big bet is your business making that would change your business and give you an advantage over your competition?
Click here to watch this episode on YouTube
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Website: www.mlenow.ca
LinkedIn: www.linkedin.com/in/gallagherdylan
How Can I Grow My Business? Click here to find out - http://bit.ly/2gR5w7u
Do I Need To Fix My Business? Click here to find out - http://bit.ly/2yBeLSZ
6 [...]
Amazon can sell food to its customers without making money because it has other products and services to offer them. It’s competitors – other grocery stores – cannot afford to sell food without making money because that’s their business. What is your business giving away to generate customers? Whatever is being given away - including time, energy and money – is that the best use of those resources? Could your business be doing something different to get a better result?
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LinkedIn: www.linkedin.com/in/gallagherdylan
How Can I Grow My Business? Click here to find out -
Walmart and Amazon team up on a patent for floating warehouses and drones to address a known problem in their business. What are you doing to address known problems to ensure the future success of your business?
Click here to watch this episode on YouTube
Facebook: www.facebook.com/mlenow
Website: www.mlenow.ca
LinkedIn: www.linkedin.com/in/gallagherdylan
How Can I Grow My Business? Click here to find out - http://bit.ly/2gR5w7u
Do I Need To Fix My Business? Click here to find out - http://bit.ly/2yBeLSZ
6 Questions Guaranteed To Increase Your Profits – Click here - http:// [...]
Fitbit announces a new product to compete with Apple Watch. More features doesn’t always mean more value. Is it better to have 1 customer in 100 separate markets or 100 customers in 1 specific market? Your business can’t be all things to all people if it wants to be profitable.
Click here to watch this episode on YouTube
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Website: www.mlenow.ca
LinkedIn: www.linkedin.com/in/gallagherdylan
How Can I Grow My Business? Click here to find out - http://bit.ly/2gR5w7u
Do I Need To Fix My Business? Click here to find out - http://bit.ly/2yBeLSZ
6 Questions Guaranteed To Increas [...]
“We are not going to make payroll this week” says someone from the accounting team to the entrepreneur(s) running the business. “WHAT! How the #$*! did that happen?” is the response followed by a series of emotionally charged words that would make anyone listening feel very awkward 😳.
Believe it or not this conversation is not unusual. In fact, any company that is growing and reaching new levels of revenue will most likely have a conversation like this a few times on their journey. Conversations like this usually lead to more conversations about the broken parts of a business that result in cash not being available to meet obligations.
But broken businesses can be fixed. How? Listen now to find out.
Click here to watch this episode on YouTube
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< [...]
Soylent takes a page from the 5 hour energy drink playbook and begins selling their products through 7-11 stores in the LA area. If you want the same results as everyone else, do what everyone else is doing. If you want different results, do something different. Beating your competition usually involves being bold and taking a risk on a strategy or a tactic they aren’t using.
Click here to watch this episode on YouTube
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How Can I Grow My Business? Click here to find out - http://bit.ly/2gR5w7u
Do I Need To Fix My Business? Click here to find out -
Abercrombie & Fitch decides not to sell itself as it believes there are still opportunities to take advantage of and value to unlock. Sometimes making the tough decision to not close your business is the best decision you can make if you believe in the value that your business provides.
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LinkedIn:
Volvo announces that after 2019 it will phase out vehicles that are solely powered by fossil fuels. They have made the announcement and are clearly positioning themselves for the future. What is your business doing to prepare for the future customers of your product or service?
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LinkedIn:
Spotify loses more than $600 million dollars. They have more than 50 million subscribers and can’t figure out how to actually make real money. This is not uncommon. Many entrepreneurs and business owners confuse sales and profit. Do you know how your business earns profit?
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Harley Davidson, Honda, BMW and other motorcycle manufacturers have been forced to figure out how to design and sell to a new market of customers. A younger demographic of potential buyers does not want the same price and features of an older demographic. How is your business changing to accommodate the different behaviors and patterns in your customer base?
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AI and automation continue to over processes and tasks that people have traditionally done. The opportunity for businesses is to increase their profits by improving the experience and value provided to customers. How will your business re-purpose its people during this shift in the market?
Click here to watch this episode on YouTube
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Website: www.mlenow.ca
LinkedIn: [...]
Amazon is obsessive about removing pain and friction for its customers. By focusing on this Amazon is able to consistently grow its revenue and expand its reach in the market. How does your business remove pain for customers?
Click here to watch this episode on YouTube
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Website: www.mlenow.ca
LinkedIn: www.linkedin.co [...]
Apple Music decides to compete on price with Spotify by offering a $99 annual fee. Price is one of the most obvious points to compete on but is it the best strategy? Does your business compete on price or does it compete on the value and experience it delivers?
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LinkedIn:
Taco Bell gets blasted on social media for its new food menu item not looking like anything represented in the marketing material for it. What about your business? Does your business deliver a product or service as well you think it does?
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Website: www.mlenow.ca
LinkedIn: ww [...]
Nike is looking to sell its products on Amazon which will impact the shoe retailers that Nike has relied on for decades. This move comes as a result of the changes in retail that Nike fears could impact its revenue. Stability in any business is based on its ability to generate customers.
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Website: www.mlenow.ca
LinkedIn: [...]
Tough calls are hard to make. As entrepreneurs and business owners they can be harder to make when they involve us. It takes more courage to make a tough call against yourself then to pretend the decision isn’t necessary. Making a tough call can lead to new opportunities for your employees and customers.
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PayPal and Venmo add an instant transfer feature to their service but is it enough to compete against Velle? To win in business you need to provide a customer experience that provides a lot of value. Features and function can add to the experience but are not the ultimate contributors to success – the customer experience is.
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LinkedIn:
Many entrepreneurs and business owners dream of growing their business and generating massive amounts of profit but few actually achieve this. There are probably thousands of content pieces available to inspire, educate and provide instruction on how to successfully grow your business and yet many businesses fail, hit a peak or never really get traction. The few that do are success cases that prove it can be done but somehow seem to be just out of reach for the every day entrepreneur working away at their dream. Why is this? I believe its because what seems to be a simple question can’t be answered and isn’t even contemplated of by many individuals running a business.
What would it take to double your revenue?
YouTube: www.youtube.com/c/MlenowCanada
Growing a business means different things to different people. Some businesses grow unintentionally due to demand for their product or service while others grow intentionally a result of executing on a plan. In either case a business needs money to grow and its not always obvious where the money can be found. There is money available from numerous sources to help you grow your business but you have to understand where to find it and what the trade offs are.
Where will you find money to grow your business? Listen now because you might be surprised by what you discover.
YouTube: www.youtube.com/c/MlenowCanada
Facebook: www.fac [...]
“If you don’t know where you are going you’ll end up some place else” as said by Yogi Berra and used in different variations in almost every business book or self help book. There can be truth in common sayings and any quote or wisdom about getting where you plan to be even if you have no plan is more than half true. It is 100% true. Every business will end up exactly where it plans to be. In the face of no plan a business will do fine during a good market and will be in trouble during bad market. To the extent that a business knows what its goal or destination is, it will be able to grow and survive during good and bad times in the market. For many small and medium sized businesses the “goal” can often be one of survival with no long term hopes or ambition. This is unfortunate because I believe many businesses fail due to their lack of planning and goal setting. My own experience teaches me this as does twenty years of working with entrepreneurs [...]
They say interest is a silent killer in any business. This is because you don’t really notice the impact it has on your profitability until you can look at an accumulated amount over a period a time to see how much of your profit actually goes to interest. It turns out that the money taken out of a business by an entrepreneur or the owners can also be an unnoticeable drain on profitability. Many small and medium sized business owners treat their business finances as an extension of their personal finances instead of treating their business like an investment. What many fail to realize is that without a policy or process around how owners take money from their business they may be doing more harm than good to their bottom line.
How are you taking money from your business? Listen now because you may be surprised to see the impact you are having to your profits and ultimately the value of your business.
This is a question I encounter many times when reviewing the cash flow and profitability of a business with either the entrepreneur or person running the business. It is usually followed by a very frustrating conversation that involves going through accounting terminology and concepts that are foreign to the person I am speaking with. Once the frustration subsides there is usually some excitement about what can be done with this new found knowledge. While it can be difficult to follow the cash flow and profits of a business the work is worth the effort and can produce improvements in profitability and overall value.
Where is the cash going in your business…specifically? Listen now because you might be surprised by what you discover.
YouTube: www.youtube.com/c/MlenowCanada
What is your balance sheet going to look like next year? The year after? What about three years from now? Do you care? Many times the answers to these questions are: not sure, no idea, don’t know and yes I care but I don’t have the information to properly answer these questions. It’s very typical for a small or medium sized business to not know what their financial statements are projected to look like over the coming year much less the next three years. Many times they will have a budget (that is usually inconsistent with their historical performance) but haven’t done the work to take the budget one step further and have it flow into an actual set of pro forma financial statements.
What are pro forma financial statements and why do they matter? Listen now to find out.
YouTube: www [...]
There is no such thing as easy money right? Are you sure? There are really only two ways to grow your revenue: cut costs or sell more. There is a limit to how much more revenue your business can earn by cutting costs whereas selling more is limitless. If you only had time to do one thing in your business it should be focusing on how to sell more. There is no easy way to do that then by figuring out how to sell more to existing clients either directly or indirectly. The more systematic you can make this the more profitable your business will be and ultimately your business will be worth more.
So how do you sell more to existing clients or customers? Listen now to find out.
YouTube: www.youtube.com/c/MlenowCanada
It’s going to cost how much!!! You must be crazy!!! That comment is made by entrepreneurs and business owners after hearing how much it costs to borrow money from either a mid market or private lender. The comment is usually followed by a series of expletives that I won’t type here but needless to say the cost of capital is something that can scare or upset someone who maybe hasn’t thought through the opportunity cost. There is no such thing as free money when it comes to business but more importantly the money your business is using has a cost to it that you may never have thought about but you might want to. Listen now to find out what you should know about how much you are paying for the money your business is using.
YouTube: www.youtube.com/c/MlenowCanada
People use to be paid based on their daily physical output. How many widgets could they build? How many trenches could they dig? How many calls could they answer and reroute. There was a time not long ago when people were the machines that made a business work - actually work. Today life is quite different. Technology continues to erode the physical work that people do and has left a void that only people can fill. In the past people were paid based on using their body to undertake physical or manual labour but in the future people will be paid based on using their brain to think and manage outcomes. The real question is: how is your business doing more with people? Listen now to see what might be possible.
YouTube: www.youtube.com/c/MlenowCanada
If can happen to a large company (see story here) it most certainly can happen to your company. Surprisingly, many businesses that have never been through a tough moment fail to appreciate how often this happens. I am referring to a company not really knowing its costs and finding themselves in a position where they have to work out of a tough position because they didn’t realize what they didn’t know. Understanding the costs for your business is one of the most important things to know outside of understanding how to generate revenue. It seems simple but in practise can be a challenge many businesses struggle with. Listen now to see how easy it can be to know the costs for your business.
YouTube: www.yout [...]
Answers are easy. Asking the right question is hard. Over twenty years I have developed a skill for asking questions (to the dismay of my wife and family but that’s for another post). Many businesses get really good at delivering their particular product or service to the market but can experience challenges or problems that end up redirecting their efforts and sometimes causing them to lose sight of what they were trying to achieve in the first place. This past week I had the chance to have a coffee with an individual have known for many years who has had his fair share of challenges but like any good entrepreneur he used his lemons (bad circumstances) to create lemonade. Now that the moments of desperation are somewhat behind him he was looking to get himself on better financial footing and wanted some input from me. I asked him #OneQuestion that changed the rest of our conversation and ended with him sending me a lengthy email with all of his answers. I asked him:
& [...]
Do you know what your business owns and owes? Do you know what your business makes and spends? More importantly - do you know what the equity is in your business or what it might be worth? It’s typical for an entrepreneur or for someone running a business to say “yes I know what we make and spend” but unlikely that they know what they own/owe and what the equity in their business is or what the value might be. Small and medium sized businesses can be so focused on surviving that they often don’t take time to see if the needle is moving in the right direction with respect to the equity or value of their business. This is unfortunate because one of the very reason businesses are started is to build value and one day be able to cash in or have that value recognized.
So where is the best place to start if you can relate to this? Listen now to find out.
“…the loss of potential gain from other alternatives when one alternative is chosen.”
Running a business comes with an never ending series of trade offs and there are times when critical decisions need to be made that seem to have greater trade offs than what you may be accustom to. This can be particularly agonizing when a decision involves needing expertise that you may not have access to - like financing. When given an opportunity to profit from a decision that involves needing to find capital, often times entrepreneurs and business owners will either lean in and commit or miss the opportunity as a result of their lack of knowledge. Opportunity cost is a real concept that impacts many businesses but here are some things that might help you if you find yourself in a position where a gain to your business will involve being creative with how you find the capital to take advantage of it.
If you have ever been confused about what net profit is you can take comfort in knowing that even the great Sir Richard Branson admits that understanding net profit can be tricky (click here to read more). I have had numerous conversations over the years with entrepreneurs and individuals running businesses that have done a great job explaining how their business generates gross revenue from the products they sell or the services they provide but can’t easily sketch out how the business earns net profit. It can be tricky but it can also be the difference between having a great business and a business that barely gets by or seems to never have enough cash. So what do you do? Listen now to find out.
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Let’s face it. Entrepreneurs and business owners are always looking for money. I find it interesting that many folks running a business who need money don’t take the time to really understand how much money is actually out there and available to them. When words like “money, financing and capital” are used they can cause someone’s eyes to glaze over as these terms are associated with confusing and uninteresting concepts. The truth is that money can be complicated and boring to understand but it doesn’t have to be. Listen now to discover why.
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For almost two decades I have seen many different types of financial challenges for businesses including my own. One of the scariest moments of my life was the financial crisis of 2008/2009 as I had never witnessed or had to manage a business through a market correction. It was high speed learning and years later the lessons are still relevant not just for myself but in seeing and helping businesses manage their way through a tough spot. What do you do when your business is in a tough spot? Listen and find out.
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I have been paying attention to some of the news and the interviews surrounding the upcoming Snap (Snapchat) IPO and found one with Jason Calacanis particularly interesting (click here to watch). He mentioned that the story of Snap is akin to the story of the artist and the thief placing Snap as the artist and Facebook as the thief. Snap creates and innovates great products and features while Facebook steals them and incorporates them into their own products and features. I was interested in the comment for other reasons. I think its important to know if your business is an artist or a thief because I believe it impacts the financial results and expectations for your company. Is your business an artist or thief? Listen now to find out.
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A few months back our family bought a piano from a local piano refurbisher and after making several phone calls to book an appointment to have it tuned with no response, I decided to stop by the business to see if I could speak with the owner personally. I had met him when we purchased the piano and learned that he had been in business for more than 20 years. On this particular morning when I drove up to the front door it became obvious that the business had shut its doors as the space was empty except for the sign still displayed on the front of the building. What happened with this business? Listen now to find out.
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I was listening to a podcast by Gary Vaynerchuk this morning as he was giving a keynote speech and he mentioned the term “fake math” to define a concept related to marketing and advertising but it stuck me as being completely appropriate for entrepreneurs and business owners. #fakemath tends to be a real problem for businesses that generate less than $25,000,000 in gross revenue. What I mean by #fakemath is the difference between what a business expects to make or achieve and what they are actually making and achieving. Listen now to see if your business is a victim of #fakemath.
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There are times when a decision or an idea seems to be right. Technically right that is. As life goes on and the decision or idea plays out you can be caught off guard when the results are not what you expected because there were some practical problems that you didn’t consider. Learn from my experience by listening now.
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Two meetings. Two businesses. Two different situations. One is about to go over a cliff after 9 years of business and another can’t wait to get started? Which one did I enjoy more? Listen to find out.
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Being different is a good thing - in fact as entrepreneurs being different can really pay. In this episode Dylan talks about how Donald Trump and Just Chill are examples of how your business can profit by taking unconventional approaches and getting unconventional results.
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In this episode Dylan talks about an entrepreneur that had security guards show up at his company to monitor the business activity on behalf of a receiver and what you can learn from this experience. The on demand economy is here to stay and Dylan shares some thoughts about the business model using Cargomatic as an example of a company taking advantage of the opportunity available in the trucking market. If you are an entrepreneur that needs to grow but has reservations about the potential high cost of borrowing, Dylan has some thoughts that might give you a different way to consider your cost of capital.
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How did a rural entrepreneur get her product into the Academy Awards gift bag? Why did Google decide to shut down its comparison websites? Dylan answers these questions and more in this week’s episode. Trying to figure out where to invest your money - you might find this unconventional answer interesting (and helpful).
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This week’s episode has Dylan talking about how to better use the people in your business (a carry forward from last week) as well as how to position your business based on what is happening in the economy (think “monopoly”) . Dylan also discusses the merits of IP protection including trademarks and patents.
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In this weeks episode Dylan discusses the CIBC 2016 economic outlook for Canada and what it means for entrepreneurs as well as the impact that rising interest rates might have on your business. Just as McDonalds misses the mark with its new kale salad there are lessons to be learned and Dylan summarizes them for you.
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Many bloggers and podcasters are talking about setting goals and I figured I would jump right in with some thoughts of my own. I waited a few weeks before publishing this as I know that entrepreneurs often good intentions but can get easily distracted. I was reminded of this as I was having dinner with my wife at the end of the year while we were reviewing last years’ goals and setting new ones for the coming year. We joke about only hitting 50% of what we set out to do which lead to a conversation about why we set them in the first place. We discussed the two basic options that entrepreneurs (and people in general) have: 1) set some goals or 2) do not set some goals. What is the best outcome that can be produced from each of those options?
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Clichés can be irritating or they can cause us to pause for a moment to consider something obvious that we are overlooking in our struggle to figure things out. One such cliché is “beginning with the end in mind” that as entrepreneurs and business owners we have heard so many times we forget how important it is to know where we are going and what we are doing to get there. Some people can easily set a goal and achieve it through good habits, tenacity and determination while others are capable of doing the work but have a hard time setting specific goals that can be measured. Which type of entrepreneur are you?
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Tac / ti / cal / itis: a curable condition found in many entrepreneurs and business owners who get stuck executing specific tasks that do not generate the results hoped for. Many times tacticalitis can produce frustration, disappointment and anxiety, as desired results are not achieved. This is due to a lack of strategy and the absence of a defined goal that can be measured. Treating the underlying symptoms can cure tacticalitis but if left untreated tacticalitis can lead to many other problems including lack of cash flow, poor customer service and a sales funnel that fails to produce opportunity.
All joking aside I have come to realize that many entrepreneurs and business owners (including myself) suffer f [...]
Have you every stopped to consider what your customer will be doing after they have used your product or service? Years from now will customers still interact with your industry the way they would today? As an entrepreneur and business owner it can be tough to look ahead a week let alone a year or two but it is important to do.
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I naturally have a contrarian view on almost everything I come into contact with. Sometimes it has served me well and I have learned that even if you don’t necessary have a contrarian personality there is much to be gained by taking different perspectives on common views and ideas. This is particularly true when I chat with clients about their spot in their market. Are they the dominant company in their marketplace or a minor nuisance?
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If you find it hard to move new ideas forward to deal with problems and issues in your business then you will find today’s podcast very helpful. Dylan provides some rules of thumb that you can use to get practical results today.
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If you are an entrepreneur, owner or investor in a business that is facing a financial crisis (or is currently in one) this episode will give you some concepts to use that will help. Based on Dylan’s personal experience his exploration of the Greece debt crisis, you will gain some insights that can be used to avoid making obvious mistakes.
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This week Dylan talks about the importance of having a base of customers or revenue that is in place before your business pursues new customers, markets or opportunities. Dylan uses a few real life examples including his own business to illustrate the concept. Are you a new business trying to find your first customers - the same principle applies.
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This week Dylan talks about entrepreneurs (including himself) that get stuck in the weeds and what needs to happen to get out. If you are a business owner or entrepreneur that feels stuck in today’s circumstances and your vision for the future seems blurry - give this episode a listen.
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This week Dylan explains how your business should know its secret formula and shares some insights about his business. As well, Dylan goes through a recent scenario in his business that highlights the opportunity technology presents for increasing revenue.
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This week Dylan shares three personal reflections of lessons learned this past week relating to sales. If you are an entrepreneur or business owner you might be refreshed by these timeless lessons that are easy to forget.
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This week Dylan spends time revealing how he learned to let go of customers he never really had in the first place as well as the personal lesson of realizing there are many different paths that a business can take to get to its goal. Dylan shares a conversation he had with someone who was recently fired and is considering starting a business.
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This week Dylan explains blue ocean strategies including why they matter and how your business might benefit by considering how they apply to your product or service. As well, Dylan attend a networking event that consisted of 200 people tweeting each other.
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This week listen to Dylan talk about the concept of how entrepreneurs who try to do 10 things at 10% never get 100% results. Focus is the key and Dylan recommends using one key question every day to direct your efforts as an entrepreneur or business owner.
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In this week’s podcast Dylan talks about a friend of his that was sued and was able to turn the tables around and how customers service was the key to winning. Turns out customer service matters for software as well and don’t forget that knowing your business model can save you money.
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In this week’s podcast Dylan talks about how hard it is to get financing and share some thoughts on crowdfunding. Have you been in busy for more than 10 years? How is your business adapting to the new marketplace?
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