The 5% Club: Recent Episodes
Your FS Matrix
Welcome to The 5% Club! We are here closing the gap between being simply CRA compliant and growing a profitable business. We help business owners find under-performing areas in their business and teach proven strategies to help them grow their businesses.
This week, David and Maria discuss the often forgotten about strategy of reengaging with past customers. Business owner’s spend so much time, money, and effort investing in acquiring customers, which is an important part of owning a business. However, it is easy to get caught up in the present and the goal of constantly acquiring NEW customers, that we often forget about the ones we ALREADY have! It is so important to continue to build those relationships. One of the most important reasons for this, is that you do not need to spend the initial onboarding expenses on existing customers. Listen in as David and Maria share 5 Strategies to bring back your clients!
This week, David and Maria ask a very important question. As a business person, What are you known for? Do you stand out from the pack and leave a unique impression on the people you meet? One of the things that will set you apart from your competitors is the way you convey your competence. By speaking with power, the people around you will feel confident in your abilities and be more likely to do business with you. David and Maria discuss different ways to give the best possible impression that you can.
Listen in this week as David and Maria discuss how to understand the way your clients/prospects think. They deep dive into the 7 Fundamentals of Human Behaviour, in regards to how they make decisions.
Whether you are an employee who works in an office, work from home, or are a business owner, one of the most difficult things for you to do is find a good balance between your work life and your home life. In this podcast, we go over different strategies to help you navigate the line and tips to create the perfect balance.
This week, we go over the thought process of deciding to onboard additional help in your business. Whether it be a Virtual Assistant (VA)/Bookkeeper/New Employee, etc. you need to consider a few points. First, it is important to create a timeline of how you would like your business to progress. This is where you can put down your goals, in writing, and give yourself a clear idea about when you want to start expanding. Once you have your timeline set, you need to ask yourself some additional questions.
Do I have tasks that are important, but not URGENT that I have put on the back burner? Could I benefit from someone taking care of those back burner tasks for me?
How is this going to affect my process? Am I able to clearly communicate what I expect from this additional person?
Am I trying to get to a place in my business where I have both time freedom and financial freedom?
Once you have started to really consider all of these points, you can make an educated decision about what is right for you and your business. Listen in as David Potocki and Maria Mejia dive deeper into this topic.
This week we had a chance to speak with James R. Elliott, Mindset Coach, who shared invaluable information about Neuro Linguistic Programming (NLP). He teaches how to Unleash Your Power and reach your highest potential. David and James discuss his 7 Power Tools that will completely transform your personal and business life by learning how to change your mindset and let go of past programming. To learn more about NLP and how it can change your life, join him on March 11, 2022 for his "Unleash Your Potential" Course.
To register, you can either sign up on his website, or email/call him at the contact information below.
Website Registration - unleashyourpower.com/training Email - james@unleashyourpower.com Phone Number - (905) 717-9481
In previous episodes, we have talked about how to determine who your Target Market is, and what the right message is to them specifically. Now that we have this knowledge, it is time to determine how to move forward and generate sales. This week, we discuss different strategies to appeal to potential buyers. Some great ways to bring potential buyers in, is to offer complementary experiences, such as: Free Trials, Evaluations, Seminars, and Webinars.
In order to determine which experiences to offer, it is important to look ahead and figure out what the lifetime value of this client can bring to you. Once you know how much revenue they can potentially bring, you can decide which experience is going to be most cost efficient.
Listen in as David and Maria dive in to this advice with some great examples and extra tips.
This week, we continue on with our discussion from last week regarding determining your Target Market. We have already established how important it is to really dig deep to discover who your Target Market is by going over all of the factors, such as: Demographic Status, Geographic Status, and Behavioral Status.
Now that you know who your Target Market is, it is time to determine the message that you want to put out there for them. It is also important to remember that one message is not going to work for everyone. The key, is you must be able to enter the conversation that is taking place inside of the head of your prospects. All potential customers have two questions going through their brain:
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What is a problem that they have, but do not want?
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What is a solution they want, but do not have?
Once you are able to identify these answers, you will be able to get ahead of the competition, connect with your customer, and help them move along on the Buyer's Journey.
In this episode, we also go over the benefits of the Conversion Equation, that will decrease the average number of touch points from up to 200, to up to 12. The equations is as follows:
Interrupt -> Engage -> Educate -> Offer
Listen in as David and Maria go in to depth on all of these points and give real life examples to illustrate the benefits of putting these strategies to use.
Determining your target market is one of the most important factors when starting a new business or trying to grow your current business. This week's episode focuses on different strategies to help you determine your ideal target market and put all of your knowledge to good use.
Some important things to look at include:
Demographic Status - What is the age bracket you are trying to reach? What is their gender, familial status, education level, etc?
Geographic Status: Where do they live? Where do they do recreational activities? Do they travel?
Behavioral Status: Are they an introvert or extrovert? Are they open-minded? What are their beliefs, and do you share those beliefs?
The more information you have to determine your target market, the more likely you will be able to rise above the competition and connect with your clients/customers. You will also be able to determine the message that you want to put out there to solve the issue that your clients are dealing with.
Once you have determined who your target market is with all of the information you have gained, you will then be in a better position to employ other business strategies, such as joint ventures.
Listen in as Maria and David go over all of this information and give real life examples to illustrate the benefits of target market profiling.
This week, we answer some common questions about filing Canadian Tax Returns and provide some tips to get the best refund you can.
Some of the information we go over includes:
What is the due date for both Individual and Business Tax Returns and what happens if you file your taxes after the due date?
Where you can find your various Tax Slips and the most efficient way to access them?
What are some of the most common credits that can be claimed on your tax return?
What happens if you have a balance owing after filing your taxes?
When is is necessary to file your taxes with your spouse?
Listen in as we discuss the questions above and more to give you as much knowledge as possible when it comes to filing your Taxes.
What is your Success Matrix
The main key to success is knowing what road you are on, and in what direction you need to go to reach your goals, or standards. We strive to help businesses understand the 3-5 Key Performance Indicators (KPIs) that they need to ensure in order to hit your monthly standard. Examples of KPIs are as follows: - Revenue - Employees - Profit margin - Self sustaining - Expertise
In this podcast we give examples on how to achieve your standard using a lawn maintenance/plow business.
Let's say this business had a revenue of $200,000 this past year. They now want to look ahead and grow their revenue by 25%, which would be an additional $50,000, making their revenue standard $250,000. In order to achieve this standard, 1 of 2 things need to happen; grow their client base, or increase their fees. If this business currently charges $50/week per client, that would give them revenue of $2,600/client/year. In order to reach $250,000, they would need to have 96 clients. Now they have to ask themselves: - can you handle the increase in clients?
If reaching this client goal is not compatible with your business at this time, what else can I look at to reach my $250,000 goal? - am I undervaluing my services? Can I increase my fees? - can I handle adding some new clients, but also raise my fees?
Whichever method is going to work best for this business, the most important thing is to have a plan, write it down, make sure it is manageable, and stick to it!
Now let's say this business would like to increase their Profit Margin. In order to do this, they need to look at the percentage they would like to increase their profit by. They currently have a profit margin of 10% and would like to increase it to 15%. At first glance, this seems like only a 5% increase, but in reality it is actually a 50% increase from where they currently were (5% is half of 10%, therefore a 50% increase). Example: This business had a revenue of $500,000, and a profit of $50,000 this year. If their goal was to increase this by 5%, that would be an increase of $2,500. However, if they tried to reach the real goal of 50%, that would be an additional $25,000 making their profit $75,000; 15% of $500,000.
It is important to understand your goals to increase your Profit Margin in order to make them a reality.
You started your business to enjoy financial and time freedom. Do you find yourself struggling to achieve that level in your business. If you don't know where you are going, any road will get you there. Success is easier than you think; you just need to ask us.
As an entrepreneur, do you own a business or a job? To find out what that distinction is, listen in as Maria and David describe how to fully own your business and not just the job.
This is a great time of year to make sure your books are up to date and ready to close as well as celebrate your wins for the year! Join Maria and David as they go over why you should be looking over your Financial Statements and making your KPI for the year and months. If you are not looking back you are going to repeat your failures.
Does having the option of a down-sell or up-sell scare you? David and Maria talk about why it's important and how you can talk to your prospective clients. Sneak Peek: Be a leader in your industry and understand your client's needs. Join us for this amazing episode.
David and Maria discuss the importance of having the right mindset when it comes to being an entrepreneur. How to manage business expectations with spouses and partners. As well as, the pitfall with having over-optimistic people in your corner.
Do you want another way to get clients and grow your network? Collaborating with other business owners helps your business grow and create a good reputation. David and Maria dive in and explain how you can find businesses to partner with and some potential red flags you may need to be on the lookout for.
If you are selling the exact same things as another business all you are competing on is price. Creating bundles with give your business that apples to oranges comparison for your customers. Come with us as we give tips on how you can build and grow your business.
This is a fun get to know us episode! Did you know that David loves wraps? Learn this and more as we get to know each other some more. Maria will also throw in a tip or two help you in your business.
People go into businesses for many different reasons. Whether it is to be your own boss or make more money, WHY else did you start your own business? What gap are you filling in in your industry? David and Maria dive into some of the WHY and how you can fine-tune it to build and support your business vision.
Most people don't have a lot of money laying around to start a business. Knowing how you will start and run your business on a shoestring budget is very important. David and Maria will go over different strategies you can use when starting your endeavor.
Want to start that great business idea you have been sitting on for the past year or so? Don't make the same mistake many new entrepreneurs make. Understand what your first steps to starting a business should be.
Want to start that great business idea you have been sitting on for the past year or so? Don't make the same mistake many new entrepreneurs make. Understand what your first steps to starting a business should be.