by MHolland | Jul 25, 2024 | Business Tips, Systems
As I have written in previous blogs, I use an app called Freedom to control my app use on my phone…
There are a few things I do to limit my online usage.
First…
Block Your Favorites
What? Block your favorites? Yup.
Why block where you will never go!?
If you have favorite newsfeeds/sites, consider limiting your use to 30 minutes a day as an example.
For me, I only need to block about 6 sites that I habitually go to for good articles and news.
For example, I do not read CBC online. So, no need to block.
Sometimes I go on a complete fast of all sites, all the time for an extended period of time.
Here is a million-dollar question – if you spend 30 minutes scrolling newsfeeds or social media versus 30 minutes reading a classic novel by Dostoyevsky or Flannery O’Connor, which will nourish your mind and spirit more?
After all, we only have one life and only so much time. None of us would spend hours a day in a casino in Las Vegas month in month out. Would we?
Social media is like spending hours in Las Vegas, with no hope of a payout, except a truckload of non-cashable likes.
The way your cell phone is setup to addict you and draw you in and keep you in is frightening.
Check out this blog post from Freedom to discover all their tricks:
What’s Behind an App Design?
Turn Off Your Notifications
Notifications are a major distraction.
I read somewhere recently that it takes 20 minutes! (yikes) to refocus after a minor disruption in your work.
I use Telegram a lot. For business, for setting up community groups, staying in touch with our children, and for friends.
What I do is archive chat groups that are particularly busy and annoying. By archiving I do not see the notifications at all. When I want to know what is going on, I have to physically go to them and find them in the app.
My email notifications are turned off.
Heck, ALL my notifications are turned off. My phone is usually on silent mode (not even vibrate).
I have all my messaging apps blocked using my Freedom app from 9:30pm to 6:30am. No possibility of late night, nor early morning messaging.
I turn my phone off at night and leave it in another room.
All of the above has immensely improved my productivity and peace of mind.
I wish you the same!
Thanks for reading…
by MHolland | Jul 18, 2024 | Business Tips, Cloud-based Accounting, Remote Work
Technology is awesome. I love it…
Our business could not function without it because we are a remote, online business.
We use a dozen or more cloud apps to manage our clients’ finances and our own Team.
Technology, specifically cloud-based software has revolutionized our productivity.
Our clients do not print, sign nor mail cheques. It is all online, done with mouse clicks. (It is also more secure than physical cheques).
Now for the kicker…
Anything, as you all know, that has a light side, has a dark side.
The dark side of technology is that thing stuck to your hand, in your pocket, in your car, next to your computer, on the dining table…your obliquitous cell phone.
You Become The Sum Total of These Five People
There is a saying that claims you become the sum total of the 5 people you hang out with most.
Here is a variation of that one: “May you be covered in the dust of your rabbi.”
The challenge is this – most of us spend more time online reading stuff that is not what I would call high level thinking.
Most of us do not want to be covered with the dust of the people we meet on social media.
The distractions of the cell phone, social media, and the website itself can take us away from productive work.
What is the solution?
Media Fasting
Take extended breaks away from social media, messaging, and internet surfing.
As I have mentioned in these Blogs before, I use an app called Freedom. Great name, isn’t it?
With Freedom, you can set it to block websites that you may be addicted to.
Yes, addicted.
To find out if you are actually addicted, think of your favorite dessert.
Let us say it is chocolate brownies with vanilla ice cream.
Would you rather give up 1 week of social media, including the internet, or one month of your favorite dessert.
I bet most would choose the dessert!
I use Freedom to block certain news sites that I have a habit of going to throughout the day. The app blocks them on all my laptops and my cell phone.
I use it to block messaging (WhatsApp and Telegram) form 9pm to 7am daily.
I turn my phone off before bed.
Increased Productivity
All this extra time you have claimed can now be used to grow your business. To focus for at least two 90-minute blocks per day, with zero distractions.
All this messaging and internet scrolling is destroying our ability to sustain focused attention on ONE thing.
To test this, try reading a classic novel for 90 minutes straight.
Hard, right?
Two Articles from Freedom to Help You Out
Please check out these two short blogs from Freedom to explore this theme more:
The App Diet
Digital Fasting is The New Detox
Thanks for reading…
by MHolland | Jul 10, 2024 | Business Tips, Selling Tips, Systems
This week I am sharing a different kind of newsletter…
Updates, business news, and marketing tips from around the world. Let me know what you think.
Would an AI Boss Be Better Than A Human?
The concept of AI managers is pretty out there, right? This is about a Vancouver, BC company who experimented with AI as a manager of their Team, Fascinating results, especially the hybrid approach!
As in all these cutting edge, new technologies emerging in the AI space, cybersecurity risks are lurking.
The 5 Maverick Rules for Social Media Marketing Success
Social media marketing is not for the faint of heart. Implement these five unconventional techniques into your social media strategy to streamline efforts, reduce stress, and consistently deliver value to your audience.
Tips for Successful Lead Generation (Insights from Experts)
Building a high-quality pipeline is challenging, and Google isn’t making it any easier. Discover nine expert insights from a recent webinar to elevate your lead generation efforts.
Understanding Customer Sentiment: Definition, Measurement Methods, and Best Practices
Customer sentiment measures how customers perceive a company, its offerings, and customer support. When utilized effectively, it enhances customer retention and satisfaction, offers insights for product improvement, and sustains competitive advantage.
Key SEO Metrics That Matter in 2024
Tracking essential metrics is key for maximizing online performance and ensuring sustained SEO success. This article identifies the critical metrics for 2024 that will enhance your SEO performance.
Elements of an Effective Retention Strategy
Amid ongoing reports of the Great Resignation, employers must bolster their retention strategies to avert a mass exodus of talent, which could lead to declines in work quality and operational disruptions.
How Your Email Address Could Be Undermining Trust
Your email address presentation significantly affects how recipients perceive your communications. In an era of cybersecurity concerns and phishing attacks, the choice of email address can either build or undermine trust.
Get in touch
Thanks for reading, and know if you have any questions or want to discuss the next steps for your business.
by MHolland | Jul 5, 2024 | Business Tips, Selling Tips, Systems
Three tier pricing – sounds fancy, what the heck is it for?
I love stealing ideas from other industries and applying it to ones no one expects would fit.
When we had an office in Victoria, BC we ushered clients into our conference room, and presented them with a leather-bound menu. As in a high-end restaurant.
We offered large, organic lattes, and expressos. Organic teas, and organic snacks from the Cascadia bakery up the street. Oh, and fresh squeezed orange juice.
In an accounting office??
Yes! And it blew people away. We had clients who would stop in, order a latte, and ask if they could work in our conference room. They loved it, and so did we…
Okay, back to the topic at hand – 3-Tier pricing.
Which industry are we “stealing” this concept from?
3 Tier Pricing in The Software Industry
The pioneers of 3 tier pricing are software companies. Precisely, companies offering software as a service online, in the cloud.
They did it for 2 exceptionally good reasons.
First, let us define it…
3 Tier pricing (we have all seen it by now) is where a software company offers 3 levels of pricing. The levels can be called anything.
Examples are – Core (level 1), Professional (level 2), and Pro Plus (level 3).
Or, Bronze, Silver, Gold.
I have seen a gazillion labels being used. The labels are less relevant as the simplicity of seeing quickly what is included in each level.
By the way, I have never seen 2 tier pricing, nor have I seen 4 level and above.
Two tier is too basic, and anything above 3 levels is too complex.
Simple choices lead people to decide.
Complex choices stop people from deciding (even when they want what you are offering).
What is The Purpose of 3 Tier Pricing?
First, it gets more people try out what you are offering because they can start at a basic, cost-effective level with your core service.
Second, and most important, it gives people real value and does not mean you reject good, potential new customers or clients.
Third, by giving people a choice you do not need to go into hard negotiations on discounting. You have done the discounting for them.
How to Implement 3 Tier Pricing?
Number one, come up some creative and relevant labels for the 3 tiers you want to create.
Start with your basic level and add features that you are offering in a language that your customers/clients will understand.
Make sure they are benefit driven and what they really want.
In the basic level, do not include too much.
Why not?
Because if you include too many features there will be zero motivation for your clientele to move up to the next level.
Make Sure Level 1 is Profitable
Offer enough features in level one that will delight your clients. (Do not leave them starving for more!)
Set the pricing at a level that will encourage people who cannot afford the higher levels to buy.
Set the price of level 1 at the value you feel your clients/customers will pay.
Do not think of your costs.
Now Reverse Engineer Your Offering
Now that you have tentatively set your price, look at what your costs will be for delivering this bundle of products and services.
Make sure you are profitable.
The beauty of 3 tier pricing is that, even at the basic level you will have clearly defined what is included in your offering.
If your clientele demand more, they have simply moved up to the next level of services.
If they do not want the next level, you simply can add some features and add additional pricing for them.
How to Setup Level 2 of Your 3 Tier Pricing?
For level 2, add new features, unavailable in level 1, that you know many of your clients want and will value.
Many of your customers/clients will choose the middle level.
It has to do with core psychology of us humans.
Many of us, do not want to be in the Basic level. Yet, we may have sticker shock with the premium level. The mid tier level will fit most of your clients.
Therefore, spend more time at this level to get it exactly right.
Include more features than the Basic Level, yet not too much more, or it will cost you too much to deliver the total package.
Your Top or Gold Level Package
For the Gold level, add all the features that will offer a white-glove level of service, and will be priced accordingly.
Once done, you will end up with a kind of bell curve of new clients. 20% may choose level 1, 70% level 2, and 10% the Gold or top tier level.
Once you have set your included features, sharpen your pencil, and see if you can profitably offer the Gold package.
It will do you little good to offer so much and find out it will be costing you even more to deliver to your Gold clientele!
How to Present your 3 Tier Pricing?
If you are doing presentations to your customers or clients either online or in person, then here is how it should proceed…
Start with your Gold level. Go through your Ultimate, Level 3 package with all your bells and whistles.
Why?
In order to create some sticker shock!
If you see your client having difficulty breathing after showing level 3, you are doing good! 😊
Once the sticker shock has passed and your client is breathing again, you can present the other 2 tiers.
Many will choose the Silver Package or Level 2.
It will occur as more affordable and just the right amount of features.
For those with tighter budgets, or just wanting to check you out, they will go with Level 1, or Bronze.
In Summary
If you only offer one size pricing, you force your clients/customers into a negotiating stance.
They may want you to strip out features and reduce the price.
By offering the tiers, you leave your customers with the opportunity to simply choose for themselves.
This leads to more customers, and happier customers, who are getting exactly what you promised.
Last bit of advice – do not offer too much in the lowest package, or all of your prospects will choose that level.
And, also, do not offer too much in the middle package or your costs will be driven up.
Thanks for reading….
by MHolland | Jun 27, 2024 | Business Tips, Systems
In business it is quite easy to fall into a common mindset trap…
I call it the Strategic Mindset Trap.
What do I mean?
The Strategic Mindset Trap
Being strategic is not a bad thing. As a kind of mindset or initial focus for your business, it is deadly.
Having a strategic mindset is when you look at everything through the lens of “how can I maneuver my business to make money based on what the market will pay for?”
Everything is based on the following distinctions:
- How can I make money?
- What are people paying for now?
- What do they need?
- How can my business add more services to take advantage of what people will pay for?
So, what is wrong with that?
Nothing. It is just in the wrong order.
The right questions and focus have been neglected if you start with strategy before this…
Vision Comes First
Why are you in business?
What excites you?
What will get you out of bed early in the morning and keep you up late?
What difference do you want to make for others?
If you are only in business to make money, you will not be able to sustain your focus for the long-term.
Here are some examples of a vision statement –
“To give our clients the tools, system and support to create an extraordinary business.”
“To empower entrepreneurs to make better, faster decisions to help their businesses and families prosper.”
“To help small businesses grow by providing automated and reliable accounting services.”
Do you see how the focus is entirely on being a contribution to others?
Boring Strategy Statements
“We will do 5,000 tax returns this season (subtext – so we can make a lot of money and take a few months off work).”
Maybe the business is passionate about doing 5,000 tax returns, if yes, it should be stated as something about the people the business has the privilege to serve.
“We love to legally save taxes for our clients, so they have more money in their pocket.”
Shiny Object Syndrome
Strategic thinking leads to shiny object syndrome.
When a businessperson is thinking strategically, they tend to look at every new idea that passes their desk as an opportunity to…do what? make money of course.
When you have a burning why for your life and your business, you get focused.
What fits your why, you grab. What does not fit you say no to.
When do people get the most strategic in their business?
A Business in Trouble
What I have seen in my coaching of hundreds of businesses is that when a business is in financial distress, they slip into strategic thinking.
They are desperate for a way out of their cash-flow woes.
Every shiny object becomes an answer to their dilemma!
And the problem is this – it will not last.
Without a burning why, you cannot sustain a strategic focus.
Money is never a long-term motivator – for you, nor your Team.
The best thing to do when having cash-flow woes is to revert to your why.
What to Do Next?
Once you have your why, re-focus on your service/product deliveries and create something unique. Package it in a unique way so you stand out from the others.
Find out what problem your why solves.
Price your product and service in a way that relates to the value you bring to your customers and clients.
In Summary
Here are some questions to help develop your why statement…
- What do I love to do? What am I passionate about?
- What impact do I want to make in our customers/clients’ lives?
- What problem does my business solve?
- How can I package my services/products in a unique way that excites me, my Team, and our customers/clients?
- What are people willing to pay for?
- What am I good at, or willing to get good at?
Even if you have a well-established business, these questions can help you get re-focused on what really matters…. making a difference for others.
Lastly, I am sure you noticed that strategic thinking is all about you, and visionary thinking is all about making a difference for others.
Thanks for reading…
by MHolland | May 30, 2024 | Business Tips, Cash Flow, Selling Tips
What? Track only ONE Key Performance Indicator? That is like flying a jet plane with, say, a choice of fuel level, altitude, airspeed. Pick one, and good luck. Crazy, right?
A business is like a jet airplane in that to hit its target with accuracy it needs more than one Indicator to really fly. Likely about 8-12 Key Indicators.
I agree with that.
However, there may be one Super Key Performance Indicator that if you could discover it, it would be a kind of early warning siren for your business.
This early warning would wake you up to take immediate corrective action if it is off target or relax with a glass of wine if it is on target.
Let us take a look and explore this concept together…
Super Key Performance Indicator
Behind every business, in every industry there may be a kind of magic number. A Super Key Performance Indicator.
This number will act like an early warning sign of trouble brewing.
A Super Key Performance Indicator for an Airline
I read once that the CEO of British Airways looked daily at this Super KPI – flights leaving on time.
If flights did not leave on time, everything spilled out of control:
- Costs went up from the delay.
- Passengers would be irate and expect refunds.
- Passengers would need meal tickets and sometimes hotel costs covered.
- Employees may have to be paid overtime and booked in hotels with meals.
A flight not leaving on time does not arrive on time, adding more costs from the bottleneck.
You can imagine the snowball effect of one flight not leaving on time.
An Unusual Super Indicator for a Restaurant
Super Key Performance Indicators can be incredibly unique!
I heard of a restaurant owner who could roughly predict the number of guests he would get at his restaurant on Saturday from how busy Monday was.
Honestly, I have no idea how the two interrelate.
And that, in part, is the key.
An Accounting Firm Super KPI
For an accounting firm longing for long-term client retention, a Super KPI could be a simple one – the growth rate of sales combined with cash in the bank (cash in the bank of the clients, not the business).
Okay, okay I know that is two – sales growth and cash on hand.
Cash on hand (from sales growth) could indicate the following:
If the client’s cash is declining:
- Low cash causing stress paying bills including the accounting firms.
- Higher demands for the accounting firm to help them attain positive cash flow.
- Loss of the client if they go bankrupt.
On the other hand, high monthly cash flow means:
- A happy client eager to listen to your advice.
- A client who is growing and will likely expand their demand for more services from you.
A Super KPI for All Businesses
In the area of marketing, it will be relatively easy for a business to find a Super KPI…
To find your unique Super KPI in the marketing area do this – find the one activity that drives sales more than any other.
It could be phone calls, direct mail, events, or website contacts.
Find the activity that gives you the most sales.
To get more business, first track that activity and then increase the activity to grow your business.
Simple, right?
Lastly, keep examining new and innovative ways to market because your business tools might change. Phone calls that worked last year, might not now. Perhaps it is something online.
The key is to keep looking.
How to Find Your Super Key Performance Indicator?
A Super KPI will emerge for your business by you thinking deeply about and examining patterns.
To help you find the patterns ask yourself some questions:
- What one thing that we are doing as a business has the greatest impact on our business within the next 12 months?
- What one thing that we could do would have the greatest impact on our business results?
- What bottlenecks do we have?
- What is the single thing that drives our clients/customers crazy when we do not do it? (i.e. it could be on-time delivery, or what is delivered is not high-quality).
- What is our review score on Google?
- What strange pattern is there in our business (like Monday guests as an indicator for Friday guests!) that I have not seen yet?
- Ask your Team for patterns they may see that you do not.
Thank you for reading…
