BEST ADVICE
(CONTINUED FROM PAGE 54)
CHANDRE CONTINUED
are particularly useful for your business and monitor them religiously. It is the consistency of monitoring that will allow you to spot trends and employ corrective actions
to drive those trends in the proper direction.”
On Using Social Media to Grow One’s Business
“I
MICHAEL STELZNER
CEO AND FOUNDER
SOCIAL MEDIA EXAMINER
f you want to connect with customers and attract raving fans, the solution
is very simple: Focus on people. You can meet the needs of people by
helping them solve their problems at no cost.
People’s core desires don’t change. Your audience wants access to great insights,
great people and recognition. When you help people with their smaller problems,
many will look to you for their bigger issues. If you can multiply free assistance by
hundreds, thousands or millions of people, you can rapidly grow your business.
Content enables this!
When you provide engaging ‘How-to’ information and assistance in the form of
valuable gifts (without strings attached), it triggers the ‘How much more?’ question.
‘How much more value will I gain if I hire this company or buy this product?’ is the
response many will have when they see the great value you provide for free.”
On Evaluating Finances to Increase Profitability
“H
CHRISTI CANO • PRESIDENT AND
FOUNDER • INNOVATIVE SPA
PRODUCTIONS
onesty is the best policy. Not many people feel comfortable talking
about their finances and nobody has all the answers. Check any
awkward feelings at the door and find relevant experts to assist who
have the experience to move things forward in a clear and understandable manner
while having your best interests at heart.
Understand that what has worked in the past may not work in the present or
future. Be flexible. Keep an open mind while exploring options toward increasing
profitability. Have the ability to hear and discuss things that may be uncomfortable.
Listen to your intuition especially if you suspect something is wrong. Dig deeper and
discover details (even little ones) that have a big impact on the business. Don’t be
afraid to ask for help. Take responsibility for financial actions and the well-being of
your company. Acknowledge the good financial decisions that you have made.”
“E
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MONTE ZWANG • CO-FOUNDER •
WELLNESS CAPITAL MANAGEMENT
56 PULSE
■
November 2011
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valuate your ‘financial house’ on a regular basis: 1) Good – Once a
month, 2) Better – Once a week, or 3) Best – Daily. Review the following key indicators:
Gross margin is 35 percent or greater.
Break-even is calculated in terms of the number of services needed to be performed daily.
Overhead or allocated expense is less than 30 percent.
Debt service does not drain every penny of profitability.
A current financial plan provides a real-time picture of the business.
Financial information is received within three business days and data is current
within the past two weeks.”
(CONTINUED ON PAGE 58)