“Revenue is vanity, profit is sanity, but cash is life.”
As a business owner, nothing could be more true. According to the US Department of Labor and Statistics, the number one reason 95% of businesses close their doors is quite simply running out of money.
In this week's podcast, I'll give you seven ways to avoid that fate by creating steady cash flow.
“Suppose one of you wants to build a tower. Will he not first sit down and estimate the cost to see if he has enough money to complete it? For if he lays the foundation and is not able to finish it, everyone who sees it will ridicule him, saying, ‘This fellow began to build and was not able to finish.’Luke [14:28]-30
If a business leader wants to get new clients, or sees a possibility of financial “boom times”, there’s the temptation to promise more, offer more, deliver more, overcommit, over SPEND, etc. Then if things don’t go exactly as planned, paying the price becomes a bigger drain on resources, staff time and more. Maybe more than you can handle.
Many a business has gone under because of this very phenomena. Jesus’s wisdom works for every part of life, so the question is – The next time you have a big business decision to make, or even a small one… will you hope that you escape paying the price, or will you follow Jesus and count the cost?
This week, we're inviting you to cast the spotlight on an entrepreneur with an innovative idea or inspiring story (and yes…it can be you).
We see and hear daily reminders of businesses that have failed in this economy. All of us need to remember that millions of entrepreneurs around the globe are thriving in spite of the challenges brought by this pandemic.
Help us spread the good word! Send your Entrepreneurial Spotlight suggestion to firstname.lastname@example.org and we may feature them in a future episode.
Tip of the Week
My tip of the week is a very timely and powerful book by my friend, Michael Hyatt.
Michael is a New York Times and Wall Street Journal bestselling author and his latest book, Entrepreneurs Will Save the World, definitely deserves a spot in your library.
Not only is this a small investment ($17.99), but it comes with $164 in bonuses:
- Audio book version of Entrepreneurs Will Save the World ($24.99 value)
- The complete “Mindset Advantage” video series ($99 value)
- Employee to Entrepreneur Handbook: How to Have an Entrepreneurial Mindset in Your 9-5 ($29.99 value)
- 8 Traits Printables – Keep the 8 traits of the entrepreneurial mindset visible on your office wall or desktop ($9.99 value)
The book is officially shipping as of today (10/19/20) and you can order it here: https://entrepreneurswillsavetheworld.com/
7 Ways Copywriting Creates Consistent Cashflow
Copywriting is more than sales letters. These are 7 ways that your copy can keep the cash flowing:
1. Increase New Customer Count
2. Increase Dollars Per Transaction
3. Increase Frequency of Transaction
4. Increase Lifetime of Client
5. Increase Referrals
6. Increase Leverage (ability to innovate and scale)
7. Increase Resiliency
We covered some specific examples in the podcast, but if you really want to delve deeper into these, I suggest you pick up a free copy of my book, How To Write Copy That Sells, by clicking here.
Links From This Week's Episode
Michael Hyatt's new book can be found here: https://entrepreneurswillsavetheworld.com/
Ray's book, How to Write Copy That Sells is available for free by visiting https://rayedwards.com/FreeBook
How You Can Help
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Questions about the show? You can text me anytime at 509-245-2670