Latest / The High Ground / Revenue Is Growing But You're Still Broke? Here's Why.
Transcript
- 0:00You can be the busiest person that you've ever
- 0:01been and have less in the bank than you did a
- 0:03year ago. Everyone's flat out, the calendar looks
- 0:06full, the top line looks great, yet there's no
- 0:09money. If you're working harder than ever and
- 0:11can't figure out where the money's going, this
- 0:13episode is for you. Today we're breaking down
- 0:15why businesses stay broke. where the money leaks
- 0:18and how you can get paid more for the work that
- 0:21you're already doing. Over 90 % of people watching
- 0:23this podcast aren't actually subscribed and we
- 0:25release conversations like this every single
- 0:27week. So make sure you hit that subscribe button
- 0:29down below and follow along for the journey.
- 0:32So you're busy but you're not making any money
- 0:35and this happens a lot more than you would probably
- 0:38expect and probably over 90 % of businesses will
- 0:42be in this situation and there's a few reasons
- 0:45for that. one thing we see is now this is a bit
- 0:50contradictory because obviously we build revenue
- 0:53systems but it's chasing revenue and then not
- 0:58the profit and we see this with our clients that
- 1:03we've worked with before where they start to
- 1:06get that revenue and you know it's going three
- 1:08million and then it's almost like a carrot's
- 1:12dangled in front of their face and then they
- 1:15start buying you know the Maseratis the unnecessary
- 1:19expenses the um the jet skis all that sort of
- 1:25stuff and then they're not actually making any
- 1:27profit from you know the money that they're bringing
- 1:30in because their expenses are matching the revenue
- 1:33almost so they're stuck in the same position
- 1:35going ah I'm generating all this revenue where's
- 1:40the money well but this this is why this happens
- 1:43with every business right you know even at the
- 1:45end of the month sometimes or end of the quarter
- 1:47when you're doing your books and things that's
- 1:50even if this the some of the some of the people
- 1:52in the business are also doing the books that's
- 1:53not outsourced is you know by the time you pay
- 1:57all the other expenses like the pass and the
- 1:59employee stuff and everything else there's very
- 2:03little left in terms of profit now generally
- 2:06what happens when you drop when you want to grow
- 2:08and scale revenue which ultimately is what you
- 2:12need to do in order to get the profit in the
- 2:14first place is You need to generally need to
- 2:19either build your team so that you can service
- 2:21the customers. probably need to invest in more
- 2:27technology and ultimately you should be investing
- 2:30in a proper governed revenue system which will
- 2:34allow you to work more efficiently and actually
- 2:37see more of that profit at the end of the day
- 2:39but this whole thing about the revenue versus
- 2:43the profit like you know profit sanity and revenue
- 2:46sort of business and you know you shouldn't be
- 2:48chasing revenue of course you should be chasing
- 2:50revenue because Without revenue, there's no profit.
- 2:54So the more profit you get, businesses just need
- 2:57to understand that once you start to grow your
- 3:00business, that doesn't give you a green card
- 3:03for to automatically start spending that money
- 3:05when it comes in. When it comes in, you need
- 3:07to account for more costs. More team members,
- 3:11more marketing, more software. And you've got
- 3:17to remember that. Say, for instance, you've got
- 3:19a company spending a million a year with a revenue
- 3:24of, say, one million, two million, three million.
- 3:26Say they're spending 10 % of that on marketing,
- 3:31for instance. By the time they get to go from
- 3:35one million to three million, they've actually
- 3:37tripled their expense there. So they just need
- 3:40to make sure that they understand that growing
- 3:42and driving revenue is all great and fantastic
- 3:46when you think you're going to, this year we're
- 3:48doing 1 million, next year we're doing 3 million,
- 3:51next year after that we expect to do 6 million,
- 3:53etc, etc. You need to understand that you will
- 3:56ultimately have more costs within that growth
- 3:59that you need to account for. So don't go and
- 4:01buy the brand new Maserati and things like that
- 4:05right away because that and all these other things...
- 4:08like buying the best of everything when you're
- 4:14still growing rather than it being more a predictable
- 4:18kind of growth is probably the wrong thing to
- 4:21be doing. And when we first started doing our
- 4:23revenue systems, just to give you an example,
- 4:26we worked with a client, we doubled his revenue,
- 4:29he moved into a commercial property, he ended
- 4:34up bringing in a lot more team members to help
- 4:36get... you know get more stuff done and also
- 4:40wanted to obviously pay himself more you get
- 4:42he you get into that place um and you still need
- 4:47to invest in growth marketing when you get to
- 4:50there just because you've got to there doesn't
- 4:53mean you stop and the first thing that got cut
- 4:55was the marketing so obviously that put a negative
- 4:58dent into everything and where he is at the moment
- 5:03The thing with any business is, you know, when
- 5:05they're struggling for cash flow, the first thing
- 5:07you just cut is marketing. But ultimately, marketing
- 5:10is the one lifeline that actually helps drive
- 5:13revenue. Because without marketing and advertising,
- 5:15you know, then there's generally no customers.
- 5:18So if there's no customers, you've not already
- 5:20built a big brand, and you've got loads of customers
- 5:22with predictable income, then obviously, if you
- 5:26cut marketing, you know, it's like trying to
- 5:29stop your watch to save time. Time is going to
- 5:31still continue, you know. it's just the wrong
- 5:35thing to be doing and i think people need to
- 5:37actually start start looking at things a bit
- 5:39more strategically rather than and actually long
- 5:43term because if people if businesses started
- 5:45to look at things more on a long -term basis
- 5:48they can actually see where things are becoming
- 5:51and especially when you've got a revenue system
- 5:52in this and your revenue is becoming more predictable
- 5:56your sales are becoming more predictable and
- 5:59there's more alignment in your in your business
- 6:01just the systems actually starting to do the
- 6:04work for you uh you should then essentially be
- 6:07able to save time you should be able to save
- 6:09money they should have less fragmentation less
- 6:12tools to pay for i mean some of the some of the
- 6:15The clients that we've worked with, Chloe, spending
- 6:17three, five, six grand a month on tools they're
- 6:20not even using. It just absolutely boggles my
- 6:23mind. But there you go. That's the way that a
- 6:26lot of businesses are at the moment. But at the
- 6:29end of the day, you still need to be driving
- 6:31revenue for your business because without the
- 6:33revenue, there is no profit. And the next one
- 6:35that follows on from this is underpricing and
- 6:37not even knowing it. Most people, when they get
- 6:41into business, they charge... too little um in
- 6:46a sense to try and prove themselves and then
- 6:49when you get to a certain stage where you've
- 6:50proved yourself it's kind of like oh I don't
- 6:54want to like you know I've been doing this price
- 6:56for so long that I'm scared to change it I'm
- 7:00scared to for people to say no to me you know
- 7:03I'm scared that's going to be too high and that
- 7:06fear really kicks in but it is what will make
- 7:10the difference between you making revenue and
- 7:12you just having a really high paying job well
- 7:14the thing is you need to understand your own
- 7:16worth and the value that you bring to the table
- 7:19at the end of the day. I mean, I look at what
- 7:22we deliver. We deliver a full end -to -end governed
- 7:25revenue system. With that, we provide the revenue
- 7:29team to actually set it up and run it. And then
- 7:32you've got the leadership as well. I mean, even
- 7:34leadership itself, you know, for to get us just
- 7:37a CMO and who only provides the direction for
- 7:41your business, you know, marketing. director
- 7:44or whatever you want to call it in your industry
- 7:46you know you're talking 20 grand a month or 15,
- 7:4920, 30 grand a month at least and all they're
- 7:54actually doing is setting the direction based
- 7:56on their experience, their qualifications and
- 7:58understanding of the market and ability to research
- 8:01and things but things still need to be executed
- 8:03and those things need to be executed on tools
- 8:07and other uh sas applications and things and
- 8:11this is where that fragmentation ends up coming
- 8:14in but at the end of the day you need to understand
- 8:16and know your worth so if you take for instance
- 8:18what i've just explained what we do and our uh
- 8:21an investment with us as it starts at 10 000
- 8:24a month um then what basically happens for there
- 8:29is depending on how much um involvement we have
- 8:32then that obviously increases and that might
- 8:34sound like a lot of money to someone that's not
- 8:37got um you know a big team or a small business
- 8:41and things like that and that's fine for you
- 8:43to think that but you need to understand your
- 8:45own worth and you've got to remember that you
- 8:47know the value that we're bringing to the table
- 8:49uh is probably the most value i've seen any business
- 8:53out there bringing to any table which includes
- 8:56all the integrated platform the revenue team
- 8:59and the leadership it's almost like mini business
- 9:01in itself but we understand the value that we
- 9:03provide you know i mean most our clients for
- 9:06instance are driving over 100 % profit within
- 9:10the first 12 months of working with us. So going
- 9:12from, say, 1 .2 to 3 million, 1 .6 to 3 .6 million.
- 9:17I mean, that's a big difference in revenue there,
- 9:19especially since most businesses expected or
- 9:23try and look to grow 20 % every year. It's crazy.
- 9:27So we understand the value and you need to understand
- 9:30the value you bring and be confident with your
- 9:32pricing structure. And what will happen as well
- 9:34is when you do increase your prices, um you will
- 9:38lose some of your customers but the chances are
- 9:41you'll lose the customers that are taking up
- 9:43most of your time those nightmare customers that
- 9:45sometimes take three weeks to pay their invoice
- 9:48and this kind of thing and then what will happen
- 9:50is because you've increased your prices the perceived
- 9:53value of that service has probably gone up as
- 9:56well so what that will do is that will attract
- 9:58people that can't afford that your services and
- 10:02tools you know so always understand your value
- 10:05know that when you do increase your prices you
- 10:07will ultimately lose probably the bad customers
- 10:10but you'll also gain better ones the thing when
- 10:13you up your prices though is you lose the clients
- 10:16that didn't value what you do they were just
- 10:20with you because you were cheap and then you
- 10:23end up making up that money so you end up having
- 10:25less customers but either the same amount of
- 10:30money or more money which is ultimately what
- 10:32you want because you have less headaches and
- 10:34time as well yeah and when you're setting your
- 10:37prices it's not just about this is how long it
- 10:40took um so i'll just charge that on hourly rate
- 10:43or something you know it's you've maybe spent
- 10:45like 20 years for example in this industry you
- 10:49know this extensively you've done your research
- 10:52you're continuing to advance yourself month on
- 10:55month you know you believe that you're the best
- 10:57in the business so your pricing needs to reflect
- 11:00that otherwise you will just end up with a high
- 11:03paying job which is not what you want and I'll
- 11:05tell you something else actually while we're
- 11:06talking about this is and this has actually came
- 11:09up quite a few times throughout the years for
- 11:12with the businesses I've run and that's actually
- 11:16um when a client you know you go to a client
- 11:19you provide a quote the quote say 20 000 for
- 11:22a website or whatever it is what they do is come
- 11:24back and they ask you for a line item of what
- 11:27is everything within that that's not how it works
- 11:29right that's just not how it should and if you
- 11:32do that the chances are you're giving your your
- 11:34customers opportunity for to either try and get
- 11:39the cheaper nitpick things i've probably got
- 11:41a nightmare customer and then what happened is
- 11:44i started to compare you to wee joe in the corner
- 11:48does SEO for $50 an hour rather than five grand
- 11:53a month, et cetera, et cetera. And then, you
- 11:56know, it's just crazy. So if you're going in
- 11:59a big quote and someone's asking you for line
- 12:01items, just reply back to them, look, that's
- 12:03the quote. I'm not breaking things down because
- 12:06when you start to break things down, you know,
- 12:08they start to compare, they start to look to
- 12:10see where they can save money and they're then
- 12:12not valuing your expertise, as you say. Yeah.
- 12:16And we've had a client say that we're more expensive
- 12:18than the others out there. And it wasn't necessarily
- 12:21that. It was because he was getting a discount
- 12:23for the service. So it was like, you know. And
- 12:28we don't do discounts, by the way, just so you're
- 12:30clear. That was a... probably another another
- 12:34podcast to be honest um but yeah yeah this is
- 12:38absolutely crazy but the thing is what they do
- 12:40is compare you to from apples to pears and this
- 12:43goes back to the whole positioning of the business
- 12:45you know if you say that you're a marketing agency
- 12:48then they're going to compare you to every other
- 12:50marketing agency out there even the ones that
- 12:52are you know not even an agency but just a one
- 12:55-man band who are outsourcing to someone in the
- 12:57philippines for 15 or 10 an hour um You know,
- 13:01so the position in your business is the right
- 13:05thing to do. Yeah. And following on from that
- 13:09is saying yes to every man and their dog. When
- 13:13money's tight, it's so easy to just say, oh yeah,
- 13:16I'll do that for a grand or, you know, I'll do
- 13:18this for you. But it will come to bite you in
- 13:22the ass in time, focus, stress. You know, that
- 13:26cheap demanding one -off client is... will just
- 13:29eat away at everything that you have. You see,
- 13:32the thing is, I mean, this goes back to the position
- 13:34I was just talking about. You need to position
- 13:36your business where you are providing value so
- 13:40that you understand what your business is, who
- 13:42your ICP and your buyer personas are, what bracket
- 13:48do they fit in in terms of the investment required
- 13:51for your type of business, understanding your
- 13:54own value. But positioning here is absolutely
- 13:58essential. You know, we've been in this position
- 14:00as well, not so much because we're struggling
- 14:02for money, but just because we wanted to do everything
- 14:04for our customers, which we do within the remap.
- 14:08But our problem was that we were, you know, a
- 14:11client or a friend would come to us and say,
- 14:14oh, I've got this business and I want some help.
- 14:15And we could go, yeah, we can help you because
- 14:18we can help you. And it was that side of us being
- 14:21so nice and helping and... wanting to have that
- 14:26positive effect because obviously we can double
- 14:29your revenue in that month but the challenge
- 14:32was they didn't want to invest they didn't have
- 14:34the money to invest or they didn't you know see
- 14:37the value because they've been with other marketing
- 14:39agencies and they've spent five six grand and
- 14:43had no return from them because what they've
- 14:46wanted in their head is a revenue system without
- 14:48even noticing a revenue system. They've gone
- 14:51to a marketing agency. The marketing agency has
- 14:53said, oh, yep, here's a website. And they've
- 14:56got a website and they're still in the same position
- 14:57because a website does not move the needle. Well,
- 15:00this is the thing. Well, it can move the needle
- 15:02as long as it's part of a bigger system. Yes.
- 15:07At the end of the day, I mean, you tend to find
- 15:09that... businesses like really small micro businesses
- 15:13can't afford to pay 10 grand a month and we had
- 15:17you know a 20 grand sale fee you know that kind
- 15:20of stuff for this system which could ultimately
- 15:22change the trajectory of their life um because
- 15:26they need to work with what they've got at the
- 15:28moment and again this all goes back to the whole
- 15:32position and understanding who your target market
- 15:34is as well um rather than the trying to offer
- 15:39something to someone that can't afford that for
- 15:42instance and that's exactly the position we're
- 15:44in at the moment where you know when we've rebranded
- 15:47from Adonis Media which was more a kind of tactical
- 15:50agency and with a lot of emphasis on technology
- 15:54and things because we were already moving towards
- 15:56this systemized type of revenue governed revenue
- 15:59system and So we've went from, you know, offering
- 16:02services, you know, $200 a month and three grand
- 16:06a month and to going in and saying, well, it
- 16:09starts at 10 grand a month now, you know, so
- 16:11that type of client just can't afford that anymore.
- 16:16And that's why we've repositioned and we know
- 16:19that the type of clients that we are now going
- 16:22after are not the clients that we previously.
- 16:25went after and to give you another example i
- 16:28mean one of those clients contacted us a couple
- 16:30of weeks ago looking to do paid ads and and the
- 16:34investment from them I think he fell off his
- 16:38chair, really because of the industry that he
- 16:42was in. He needed to compete with some national
- 16:45businesses, which meant his ad spend would need
- 16:49to be increased in order to make sure he was
- 16:52competing properly, but also in order to make
- 16:55sure that he's getting the best. the biggest
- 16:57bang for his buck that needs to be managed pretty
- 17:00much on a daily basis so when he got there you
- 17:02know i mean we're obviously basing costs now
- 17:04on how we are now positioned because we know
- 17:07with after 24 years in this business what it
- 17:10takes for to actually run those type of accounts
- 17:13you know it just never came back to us because
- 17:16it's just too much it's just too much for them
- 17:18um so they're in that kind of position where
- 17:20you know Where normally we would have said, oh,
- 17:23you know, we'll give you a wee discount because
- 17:25you've been a client for X amount of years. And
- 17:27we can't do that anymore, you know, because we're
- 17:29just not going to grow ourselves. And neither
- 17:31will any other business if they act like that.
- 17:34You need to know your worth and stop saying yes
- 17:37to everything. Because when you stop saying yes
- 17:39to everything that comes along, the stuff that
- 17:42you want to work on, the stuff that actually
- 17:43brings, makes more value or provides more value
- 17:47to your clients and brings in more money is where
- 17:49you can focus. So where is your money leaking?
- 17:53This is one thing that we see clients come to
- 17:55us and they're like, I need more leads. And it's
- 17:57not the fact that they need more leads. And we
- 17:59did a podcast on this last week. So if you haven't
- 18:01watched it, go and watch it. Yeah, they'll say
- 18:03we need more leads, but then they're only converting
- 18:0510 % of the 400 you're sending. So, you know,
- 18:09there's a problem there within the sales process.
- 18:11And so the first thing is, you know, the delivery
- 18:14costs more than you think. And that quote assumes
- 18:17the job will go smoothly and things come up and,
- 18:20you know, things need rework. The scope gets
- 18:23larger, you know, but none of it ends up showing
- 18:26up on the invoice. And that eats into your margin.
- 18:28It eats into your time. It eats into your stress.
- 18:32Again, this goes back again to understanding
- 18:35your positioning and making sure your business
- 18:38is set up properly from the beginning. I have
- 18:40been one of the worst people to do this because...
- 18:46In my mind, I know how technology works. I've
- 18:51been a software engineer myself. I build software.
- 18:54That's why we've now got a BB growth platform
- 18:57because I built it from the ground up. You know,
- 19:00generally, you know, I'd be like, oh, that should
- 19:02take about maybe, you know, five, ten minutes
- 19:04to do. But then what happens is it takes like
- 19:06three or four hours. And then when you go to
- 19:09present it to the customer, they come back and
- 19:12they want all these other changes, which choose
- 19:14up another three hours. And then before you know
- 19:16it, it's actually taking you three or four days
- 19:17to deliver something you said would be delivered
- 19:20in ten minutes. understanding how thing how you
- 19:23actually how your delivery goes and making sure
- 19:27that you account for the for the extra time that
- 19:30might that might you know occur and that includes
- 19:33everything doesn't matter what you're actually
- 19:35doing that that covers everything yeah next one
- 19:39is that you're the bottleneck and we see this
- 19:41a lot in founders um when you first start in
- 19:44a business and you're in the early stages you
- 19:46know you're kind of doing whatever you can to
- 19:49make things work you're learning off people off
- 19:52YouTube you're learning off people off you know
- 19:55Udemy you're doing all these things just to make
- 19:59it work once you get to that middle stage and
- 20:01I posted a LinkedIn post about this other day
- 20:03once you get to that middle stage the founder
- 20:06tends to be the bottleneck because they know
- 20:08the business the best they know how it runs they
- 20:11know how to convert customers and that is what's
- 20:14going to cost you the most is because the founder
- 20:16can't you know see 10 people in the same hour
- 20:19so you need to remove yourself from the business
- 20:23and start teaching the people that are coming
- 20:26in i've got a perfect example for them i mean
- 20:28again that's just like you just spoke about me
- 20:31i mean for the past like 22 years before we started
- 20:35working together things you know it was essentially
- 20:37just me and a few other people that came to help
- 20:40me because that's exactly how i felt you know
- 20:43and i was i was working long hours and making
- 20:45good money you know uh driving new cars and all
- 20:48the rest there um but didn't really see it like
- 20:52I never ever thought there'd be anybody else
- 20:54that could do something better than what I could
- 20:56do it and now that we've got a team of people
- 20:58ourselves and you know they're taking things
- 21:01off my plate and we're getting we're just getting
- 21:03on with so much more and advancing so quickly
- 21:07it's like wow it's amazing you know so up until
- 21:10like a couple years ago I was you know I was
- 21:12under the illusion that you know we need to keep
- 21:14keep the business small just keep it within us
- 21:18now after having after start starting to grow
- 21:21the team i'm wanting specialists in for to you
- 21:25know run the paid ads run the socials do the
- 21:30copyright not just for us but all our clients
- 21:32and i mean that's paying off big time now And
- 21:35I mean, I can see us turning into almost like
- 21:39a media company, which is what a lot of companies
- 21:41need to be in order to be heard and be that number
- 21:44one in their industry, which is exactly where
- 21:46Boderia is heading, being that number one in
- 21:49a category that we've created ourselves. So I
- 21:53100 % resonate with this. And I know that most
- 21:56founders are the bottleneck. And I've seen it
- 21:59even with... you know, concrete companies that's
- 22:01came and done their concrete and things. And
- 22:03I asked them about, are they wanting to build
- 22:05and scale? And that's exactly what they say.
- 22:08They say, I just can't get anybody that's like
- 22:10me. You know, if I could clone myself. But there
- 22:14are other people out there that just need to
- 22:16find them and probably change their mindset and
- 22:19understand that, you know, if I have the mindset
- 22:21that there's nobody else out there. that's exactly
- 22:24what the universe is going to send me. So I need
- 22:26to start believing that there are people out
- 22:28there that can do a better job than me. And by
- 22:30the way, if anybody's read any of the Zig Ziglar
- 22:33books or Jim Rohn and things like that, the first
- 22:36thing they tell you to do is bring people in
- 22:38that are better at doing your job and pay them
- 22:41so that you can then start to... And this goes
- 22:43back to the whole thing about working on the
- 22:46business rather than in the business. And I can
- 22:50actually see myself now starting to work... on
- 22:53the business rather than actually doing all the
- 22:57delivery if you like. It's been great having
- 23:00those specialists in and it's a huge reason as
- 23:03to why we have a remote team as opposed to you
- 23:05know just an office in Glasgow or an office in
- 23:10Brisbane because you know we want the best of
- 23:14the best and it's also about having those innovative
- 23:17team members those proactive team members that
- 23:19go this is wrong. Let me fix this, you know,
- 23:22get all this done. And then I'll tell you about
- 23:24it later. And that's something I value so much
- 23:28with our team and anybody that we bring in. You
- 23:30know, when it got passed from you and you were
- 23:32focusing on technology, it kind of got passed
- 23:34to me. And then I felt like the bottleneck and
- 23:36things weren't moving until I reviewed them.
- 23:38And then my work just piled up. And then we had
- 23:41to sit down and have that conversation to, you
- 23:44know, use of the specialists. use you know we
- 23:47trust you and what you do you can get it done
- 23:50you know I trust you and that's it does make
- 23:53all the difference and you also as the founder
- 23:56need to separate that personal connection to
- 23:59the business because that's your baby you know
- 24:02you've spent so long crazy hours building that
- 24:07business so to have somebody else come in and
- 24:10tell you how to run things it's like transform
- 24:16your business no the thing is i mean like what
- 24:19we're doing is only achievable because we are
- 24:23implementing our own system within both areas
- 24:26yeah and a part of that is actually going right
- 24:29back to the start and understanding your purpose
- 24:31your vision your mission your goals your core
- 24:35values um you know understanding your your positioning
- 24:39and it's not just about the the c -suite or anything
- 24:43like that that needs to be right across the entire
- 24:46business so your sales your market everyone needs
- 24:49to be singing for the same same hymn sheet if
- 24:51everyone's working together towards the same
- 24:53goal you'll get to that goal faster there's no
- 24:57doubt about it so um and this is why you know
- 24:59when you work with us we take you right to the
- 25:01back i don't care if you've already got your
- 25:04vision and things like that already set up once
- 25:06we get the team together and we go over things
- 25:09and we review it it might mean that need to change
- 25:11it needs to change because it was something that
- 25:13was created 20 years ago and it's not kept up
- 25:16with the times of the team or and people tend
- 25:19not to believe in it you need people your team
- 25:21to believe in what you're actually trying to
- 25:23achieve and the purpose that you're um an impact
- 25:26I suppose that you're trying to make on society
- 25:28the next one is no visibility on the numbers
- 25:30this is a huge one you know user doing google
- 25:35ads and not tracking the leads that are coming
- 25:37through, where they're coming from, how they
- 25:40found you, profit -wise. And this is a huge reason
- 25:43as to why we ended up building our own platform
- 25:45so that we can have all that visibility because
- 25:48it can be so annoying having to go from Google
- 25:50Ads to Facebook Ads to Google Analytics to, you
- 25:53know, it's so fragmented. And it's great that
- 25:56all those tools are out there, you know, for
- 25:58their smaller businesses, but having that one
- 26:00central system where you can see absolutely everything,
- 26:03everything that's going into your business, how
- 26:05many leads, how many... many of those have converted
- 26:08it makes that decision making so much easier
- 26:12you know we can understand what's working what's
- 26:15not working better within the ad structure It's
- 26:19just, you need it. You need it. But the thing
- 26:22is, I mean, this isn't just about the low -level
- 26:24stuff in terms of the ads and the ROI and that
- 26:26kind of stuff. I mean, this transcends right
- 26:28through the entire business. Yeah. You know,
- 26:31so if they don't have their own CFO, if they
- 26:34outsource their bookkeeping, which is what we
- 26:37do at the moment as well, you know, we've got
- 26:39a team of people that do that for us. But we
- 26:41know what the numbers are. We know exactly how
- 26:43profitable we are. We know how many leads are
- 26:46coming in for ads. We have that full visibility.
- 26:48and everything that you spoke about there is
- 26:51exactly right and that's why we have set up our
- 26:54own dashboards on our systems for the different
- 26:56aspects of the different campaigns and things
- 26:59that we set so we can see everything from the
- 27:01one place and the problem with jumping from different
- 27:04tool to tool is a lot of those tools are built
- 27:09in a way to suit the tool. rather than the actual
- 27:12business themselves. So the information that
- 27:14you need to get might not even be available within
- 27:17that tool. You know, and again, that's another
- 27:19issue where, you know, you're using SaaS tools
- 27:22where you're trying to squeeze your business
- 27:23into it and you're not getting out what you need,
- 27:26which is another issue that we can solve. So
- 27:29how do you make the work pay? First thing you
- 27:32need to do is you need to know your numbers per
- 27:33job, not overall. You need to go into per client,
- 27:37per job, per type of work. Really understand
- 27:39where you're losing the money and where you can
- 27:42fix that so that your profit is higher and your
- 27:45revenue is higher. Also, don't be undercharging.
- 27:49Do more of what pays. So, for example, if you're
- 27:53a pool professional like our client, he prefers
- 27:58to focus on full installs because... that's a
- 28:01higher margin for him than DIY pulls. He does
- 28:04still offer the DIY pulls, but his main offer
- 28:08is the full install. So do more of that, get
- 28:12more of those clients, higher margins, more revenue.
- 28:17about what we were speaking about earlier on
- 28:19as well as you know if you've got a high value
- 28:21team member don't have them working on low value
- 28:25work yeah and to try and make sure that the team
- 28:28is working more efficiently as as well and utilize
- 28:31the the systems and platforms you have in place
- 28:35and i mean our platform has got ai integrated
- 28:38so a lot of this stuff You would normally need
- 28:41someone to compile all of the data and provide
- 28:43the insight. We can do that within one click.
- 28:46You need to be harnessing this kind of technology
- 28:49to help you get through things quicker and make
- 28:51more money and ultimately more profit. What you
- 28:54need to avoid is selling your way out of it.
- 28:56Like we've mentioned earlier, the instinct is
- 28:58when money's tight, just to do whatever you can
- 29:00to get money in. Don't do it. You're going to
- 29:03dig yourself a hole. way faster um you'll end
- 29:06up more busy and more stressed and not even in
- 29:09a better position next one is cutting costs to
- 29:11the bone opposite from that is the reflex is
- 29:15to slash everything in sight shrink the marketing
- 29:20you know we don't need marketing anymore because
- 29:22we've got to three million yeah don't do that
- 29:24it's a negative way to think about it So, I mean,
- 29:27it's funny you say that, you know. I mean, this
- 29:30is what businesses do. And yet you've got businesses
- 29:32like Coca -Cola who are spending like 500 million
- 29:35a year on advertising, even though they've got
- 29:38about 90 % of the market. Not in Scotland, though.
- 29:43Iron Brew's got it. So the thing is, if they're
- 29:47still investing that amount of money to advertise,
- 29:50then you should be doing the same. Not so much
- 29:53500 million, of course, but certainly to 10 %
- 29:56of whatever your total revenue is. You know,
- 29:59there's a reason that they are doing it. There's
- 30:01new people coming through. There's new people
- 30:04being born every single day. And different people
- 30:07have different views and people switch products
- 30:10and services, et cetera, et cetera. So you always
- 30:12need to, if you're not advertising there, your
- 30:14competitor is, so they're getting the work at
- 30:16the end of the day. I actually seen a quote on
- 30:19a billboard yesterday, which says, you can't
- 30:23sell a secret. Hey, which I thought was brilliant.
- 30:27I think that was by M2 Signs here in Mackay.
- 30:30We can't sell a secret, so advertise. The last
- 30:34one is ignoring it because the top line looks
- 30:36fine. A healthy looking revenue number hides
- 30:40a lot of the pain. And while it may seem like,
- 30:43oh, we're turning over really good money, when
- 30:46you look closer, you know, you're not, the founder's
- 30:49not paying themselves. your margins are tiny
- 30:54so you know there's no actual profit there um
- 30:57you know you need to be looking at that as well
- 30:59so you need to know your numbers price for the
- 31:02real cost and do more of what already pays you
- 31:05really well that effort is already there so you
- 31:07need to make sure that it's actually counting
- 31:10If you're not sure where to start or you're interested
- 31:13in looking at a revenue system, make sure you
- 31:15contact us at buderia .io forward slash contact.
- 31:19That's buderia .io forward slash contact. We
- 31:23can sit down with you, talk about where your
- 31:24gaps are and how a revenue system can help your
- 31:28business. So if you found this valuable, make
- 31:31sure you subscribe to the podcast down below
- 31:32because we release conversations like this every
- 31:35single week. Awesome. Thanks, guys. Thanks, guys.
- 31:38See you next week. Bye.