Welcome Abbie Widin –Get A Windfall of Cash by Year End

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Barbara Gabogrecan
President

Welcome Abbie Widin –Get A Windfall of Cash by Year End

Postby Barbara Gabogrecan » Thu Nov 21, 2013 10:20 am

ImageWith Christmas just around the corner many HBB operators are worried because of the way Australia tends to wind down and not be involved in business for some months –often from December through February.

I thought it would be timely to have a guest expert discuss how to make money in this tough period. Abbie Widin loves helping business owners make more money with their business. One of the areas she believes you should be focussing on is marketing so that you can get dramatic improvements in your business results within the space of weeks, not years.

Her business is called 'One Extra Zero', which is apt for a business known for getting improvements in revenue! Abbie specialises in the service industry. Once business owners recognise their niche market and what the problems they have to face will be she shows them how to find solutions.

Mindset underpins every element that Abbie works with, from packaging the services so that you are able to charge what you're worth, to providing a step-by-step marketing plan so that you can stop thinking, and start doing.

Abbie has written a book titled "Diamonds in the Sky – Secrets of Million Dollar Women Business Owners Revealed” which is about to be launched. This is an inspirational book of women who have built million and multi-million dollar businesses from the ground up.

I am looking forward to this week to see what Abbie has to say in her 7 tips to generate a windfall of cash by the end of 2013! If you have any lazy money lying around that needs to be picked up, then NOW is the time to do it. Please join me in welcoming Abbie to our Forum and perhaps share some of your concerns so that you can get help from an expert - for FREE.
Barb
Barbara Gabogrecan assists HBB's to market their business online
http://www.HomeBasedBusinessAustralia.org

Barbara is an artist specialising in silk painting; her video is on page one of You Tube http://youtu.be/1ZA9HObN_Go
http://www.SilkPaintingByGabogrecan.com/

Having survived a stroke and a brain tumour, Barbara wrote a book titled 'Thank God I Had a Stroke' to motivate and inspire others suffering from similar afflictions.
http://GabogrecanStrokeRecovery.com/
Barbara Gabogrecan
 
Posts: 341
Joined: Sun May 03, 2009 12:57 pm

Re: Welcome Abbie Widin –Get A Windfall of Cash by Year End

Postby Abbie Widin » Mon Nov 25, 2013 9:55 am

Hi Barbara and the Community,

Very nice to e-meet you all! As the end of the year comes around, I’m so delighted to share with you 7 strategies to generate a windfall of cash by the end of the year.

I’m going to keep these tips super-practical and easy to implement. BUT, you need to take action. You’re going to have to get on the phone and speak to people! (You didn’t think that the strategies would be hope and pray, did you!?!)

Unless you are brand new in business, then you’ll find almost every business has got some lazy money lying around. This lazy money is an opportunity that could be turned into cash if it was just given some the time or focus or the right mindset.

I want you to put aside 30-60mins a day for the next 21 days to generate your own personal windfall.

The first tip that I’m going to share to generate a windfall of cash is to collect all outstanding amounts owing.

You might think this is self-evident, but I promise, as I work with businesses around Australia, not all of them are on top of their money paperwork.

It adds a risk to the business – you don’t know if someone is going to move away if they’re a person, or shut up shop if they’re a business. In 2012, in Australia alone, over 10,000 businesses became insolvent. And I don’t know how many others simply closed their doors. So it’s really important that you don’t have your money sitting with someone else.

Now, the easiest way to do this is not to get into the situation in the first place. The ideal situation is to have your client pay in full by credit card or bank transfer before you start the work.

But this isn’t always practical for every situation, particularly if you’re offering a higher end service. So, the next best thing is to collect a deposit or down payment before you start work.

You still have to remember to send the invoice out! I had one client I had where we ran through a money exercise to see where her money leaks were, and found that she had a $30,000 outstanding with a large corporate client. She had done a pile of work for them about 4months previously, but had never sent an invoice. She had their accounts team on the phone with her every other week and they were practically begging her to send them her invoice.

Now your outstanding amounts owing might not be in that magnitude, but I tell you, even 3 or 4 clients who owe $300 or $700 each will soon add up. Wouldn’t that feel nice to get into your bank account before the end of the year.

Here’s the action that I want you to take on this one:

1) Decide when this week you will put aside the required time to do this. Write it in your calendar as though you are making a meeting with yourself.
2) Go through all of your clients from the past 12months (18months if you’re inclined), go through them all in one sitting and just check that you have no moneys outstanding.
3) Send those invoices out. If you’ve already sent them out, then get on the phone and sort it out as soon as you can. You can send an email so there’s a paper trail, but do be sure to telephone and speak with someone.
4) Follow up until the money is sitting with you. I recommend sending the invoice, calling twice, sending another email and then asking if you need to bring in reinforcements to help you get paid. Don’t forget, if you’ve done the work for someone, and they won’t pay you, then this is like reaching into your bank account and stealing your money. You need to get this sorted. And, if they are behind on paying you, then you HAVE to stop doing the work.

For every invoice that you send out, set up a reminder in your diary or even on your phone calendar to remind you to check if it’s been paid. It doesn't have to be complicated - I havea client who keeps a paper folder on her sideboard with all of the outstanding invoices. She looks at them at the same time every week, and she only files them when they've been paid. Whatever your system is, just be sure to have a system :)

Let me know if this resonates with you, I'd love to hear if you're making the time to put this tip into action and what happens!

best, Abbie
Abbie Widin, PhD
Marketing and Business Coach
One Extra Zero

Be sure to download your FREE report, "5 Marketing Mistakes You Don't Want To Make"
----> www.OneExtraZero.com <--------

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Abbie Widin
 
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Joined: Wed Nov 20, 2013 11:35 am

Re: Welcome Abbie Widin –Get A Windfall of Cash by Year End

Postby Barbara Gabogrecan » Mon Nov 25, 2013 3:41 pm

This is such a simple action to take and as you say Abbie - why would you not send out an invoice when you have done the work...? But I have found that many HBB when doing ongoing work will send an invoice for one month - it is not paid, they continue to do the work and then send another the second month and still do not get paid. You are so right - if you don't get paid, don't do any more work.

My father was being declared bankrupt because he could not pay his suppliers; the largest was the one he owed rent to. Why on earth the landlord allowed him to owe many, many months rent, is beyond me. The unfortunate outcome of this was two fold - not only did the clients not get their money but my dad committed suicide and I lost a father and my mum lost a husband.........believe me, you must get invoices out and don't think you are being kind by letting a client run up a bad dept with you - you are not being kind at all.

You may remember when Nat Smith was a guest expert and told us about starting a business in Dubai and found it difficult to pay rent one month. Over there if you do not pay your invoice in the month that you receive it, you go to jail - and that's it! Luckily, Nat was able to form an agreement with the landlord and was given a couple of weeks extension. It is probably unnecessary for me to say that there is little or no bad dept in that country!

I hope your tip and my comments here will let readers see just how misguided we are when we continue to do work and don't collect payment.
Barb
Barbara Gabogrecan assists HBB's to market their business online
http://www.HomeBasedBusinessAustralia.org

Barbara is an artist specialising in silk painting; her video is on page one of You Tube http://youtu.be/1ZA9HObN_Go
http://www.SilkPaintingByGabogrecan.com/

Having survived a stroke and a brain tumour, Barbara wrote a book titled 'Thank God I Had a Stroke' to motivate and inspire others suffering from similar afflictions.
http://GabogrecanStrokeRecovery.com/
Barbara Gabogrecan
 
Posts: 341
Joined: Sun May 03, 2009 12:57 pm

Re: Welcome Abbie Widin –Get A Windfall of Cash by Year End

Postby Peter O'Connor » Mon Nov 25, 2013 3:56 pm

Greetings Abbie.

This certainly does resonate with me for all the wrong reasons. I have a local business that looks after my IT requirements which includes remote management of my server.

I just received an invoice for $1500 for unbilled services going back to January 2012. You reckon I didn't get a surprise. I called them straight away to find out what was going on and got to speak to the owner. He apologised profusely for the clerical error in their office. As it turned out, he had a bookkeeper looking after all of his billing and she had totally failed to charge clients for certain services. He informed me that I was only one of a hundred or so clients that had been affected by her poor bookkeeping. We have agreed on a repayment plan that we are both happy with. The bookkeeper is no longer employed there!

It just goes to prove that even though you think you have things under control, you cannot take your eye off the ball.

I would like to know what your "reinforcements" are.

Cheers

Peter
Peter O'Connor, is a retired accountant and is involved with teaching home based businesses how to build and manage their own websites.
http://www.HomeBasedBusinessAustralia.org
Peter O'Connor
 
Posts: 79
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Re: Welcome Abbie Widin –Get A Windfall of Cash by Year End

Postby Abbie Widin » Mon Nov 25, 2013 6:04 pm

Hi Peter, gosh, that would have been a shock! And well done for negotiating a payment plan that worked for both of you.

I haven't actually had to call for reinforcements! I've found that getting on the phone and being able to communicate my money boundaries is generally enough. But if needed, I'd look at a good debt collection agency if it ever got that far.

Best, Abbie
Abbie Widin, PhD
Marketing and Business Coach
One Extra Zero

Be sure to download your FREE report, "5 Marketing Mistakes You Don't Want To Make"
----> www.OneExtraZero.com <--------

.
Abbie Widin
 
Posts: 11
Joined: Wed Nov 20, 2013 11:35 am

Re: Welcome Abbie Widin –Get A Windfall of Cash by Year End

Postby Abbie Widin » Mon Nov 25, 2013 6:12 pm

Hi Barbara,

I'm sorry to hear about your father. And you're right, it's not being kind to anyone when you work without being paid. I actually find that many of my private clients need to do a bit of work around establishing good clear money boundaries. It's about having the right conversations at the right time. I'm not saying that you need to rigid and inflexible, but you do need to know in advance what will work for you.

For example, if you find some invoices that do need to be sent out and paid, you might want to be flexible like Peter's supplier and agree to a payment plan. Whilst you should absolutely insist on being paid, you also don't want to put someone into an untenable situation.

Best, Abbie
Abbie Widin, PhD
Marketing and Business Coach
One Extra Zero

Be sure to download your FREE report, "5 Marketing Mistakes You Don't Want To Make"
----> www.OneExtraZero.com <--------

.
Abbie Widin
 
Posts: 11
Joined: Wed Nov 20, 2013 11:35 am

Re: Welcome Abbie Widin –Get A Windfall of Cash by Year End

Postby Abbie Widin » Tue Nov 26, 2013 9:54 am

Why is it important to generate a windfall of cash before the end of the year?

Everyone’s going to have his or her own personal reasons, but I can answer this from a business mindset point of view!

It’s so important that your business generates more rather than less income. We get stressed when we don’t have enough cash coming in to meet our expenses going out. And when we get stressed like that, we stop functioning at our highest level. Our brain goes into survival mode, and we have to switch off all of our best cognitive capabilities. We stop asking ourselves, “What is the easiest way to make multi-6 figures or 7-figures in 2014” and we start asking ourselves, “How can we pay the rent?” It keeps us trapped in survival mode, and prevents us from reaching our potential. We stop investing in ourselves, and then we never break free from this place.

Tip #2 is to touch base with all previous clients from the past 12 months

How many clients have you had this year that you have done the work, finished the job and received full payment? Whether it is 5 or 50 or 500, then there are going to be some of those people who need more work done no. It’s easier to keep working with a client who you’ve worked with before. You’ve already established your credentials through personal experience. They know how much you care about them, how much integrity you have, and the quality of the work that you deliver. They have experienced your results.

From a business point of view, it is easier for your client to say yes to working with you again, than it is for a complete stranger to say yes to you. And it’s also less expensive for you because you don’t have to spending marketing dollars on making that first contact. If you are looking for a quick cash injection, then this might be for you.

You can either give them an email or a phone call. You’ll want to give a phone call to your top 20 past clients. When I say top clients, it’s about potential. How likely are they to need your services again? If you’re a property lawyer, then you’d want to call your investor or commercial clients who are trading property on-going rather than newlyweds who have bought their first home 3 months ago and are unlikely to need you again soon. (These you can call in a couple of years when they have their first baby!)

If you’re an HR consultant, then you would call clients that you’ve already done mediation for, but you know that they don’t have a good HR framework in place. Or, if you’re a web designer, then you’d focus on those who aren’t on the front page of Google. Who do you think will need more work done now?

So you call your top 20 clients (and I would recommend calling rather than just emailing wherever you can) and see if there’s any additional work that needs doing. My experience has been, and watching that of my clients, is that for every 10 previous clients they call, they will have 1-2 clients that need something done now, and another 2 clients who need some work done in the next 6-8 weeks.

If you get to work with those 2 clients who have work to do now, and you require a deposit to get started, then that’s another way of getting cash into your bank account now.
Abbie Widin, PhD
Marketing and Business Coach
One Extra Zero

Be sure to download your FREE report, "5 Marketing Mistakes You Don't Want To Make"
----> www.OneExtraZero.com <--------

.
Abbie Widin
 
Posts: 11
Joined: Wed Nov 20, 2013 11:35 am

Re: Welcome Abbie Widin –Get A Windfall of Cash by Year End

Postby Peter O'Connor » Tue Nov 26, 2013 11:37 am

That's a good strategy Abbie. I agree that the personal phone call is going to achieve a far better result than email. We are all bombarded with so many emails these days that we tend to delete them without reading them half the time.

Looking forward to tomorrow's post.

Cheers

Peter
Peter O'Connor, is a retired accountant and is involved with teaching home based businesses how to build and manage their own websites.
http://www.HomeBasedBusinessAustralia.org
Peter O'Connor
 
Posts: 79
Joined: Sun May 03, 2009 10:12 am

Re: Welcome Abbie Widin –Get A Windfall of Cash by Year End

Postby Abbie Widin » Wed Nov 27, 2013 10:30 am

Tip #3 is to contact all of your leads from the past 6 months.

These are people who contacted you, maybe through your website, or LinkedIn, or by email. You spoke with them, but for whatever reason, you didn’t get to get to do any work with them at the time.

You need to contact them, and see if they still need help.

Before you say that sounds too intrusive, then you need to remember that you’re coming from a place of curiosity and service. You want to see if that person still needs help, if they are still experiencing the issue that they contacted you about in the first place.

Because you’re calling from a position of curiosity, you want to find out what happened. Did they end up working with someone else? Sometimes you’ll find that the person hasn’t taken action and is still stuck. But they might be ready to take action now. You don’t know, and that’s why you need to ask.

And because you're calling from a position of service, you want to know if your lead managed to get the results that they were looking for? Is everything in this area now 100% perfect? (you’ll find that it’s very rare that everything is 100% perfect).

As you call and touch base, if they're still stuck, be courageous and ask them how long they want to stay stuck for. (In a respectful way, of course!). Ask how much it's costing them for their problem to NOT be fixed. And ask how much it's costing them for their situation to not be 100% perfect.

For every 10 leads, if you ask in the right way, you might get 2 of these who are ready to stop being stuck, and ready to put a deposit down.

Now, wouldn't that be welcome!

Action Steps
- Make a time to look through your leads over the last 6 months (20-30mins).
- Make a date with yourself and start calling. 8am-9am for corporate clients. 9.30am-11am for home based business clients.

best, Abbie
Abbie Widin, PhD
Marketing and Business Coach
One Extra Zero

Be sure to download your FREE report, "5 Marketing Mistakes You Don't Want To Make"
----> www.OneExtraZero.com <--------

.
Abbie Widin
 
Posts: 11
Joined: Wed Nov 20, 2013 11:35 am

Re: Welcome Abbie Widin –Get A Windfall of Cash by Year End

Postby Barbara Gabogrecan » Thu Nov 28, 2013 6:43 am

I can't agree more - making personal contact for a 'chat' is so much easier (and more rewarding) than trying to ask for business.

In any discussion you may have you can ask for advice, make suggestions, offer congratulations where possible - just chat! It is amazing how that 'chat' often leads to suggestions (needs) that can in turn lead to business.

Recently I had a book launch and I invited folk that I have not made contact with for years. I was amazed (and delighted) at how many attended. Not only did it give ne a brief connection (too many people to talk for long) but it allowed me to follow up to thank them for coming. It also sold a great deal of books - I felt like someone you see on TV - with a line up of folk waiting for their book to be signed.

And as to phone calls rather than emails - it does work better - but I must admit, I tend to talk for too long when on the phone and an email better suits me - but then I wonder if everyone reads them!

Thanks for the suggestions Abbie.
Barbara Gabogrecan assists HBB's to market their business online
http://www.HomeBasedBusinessAustralia.org

Barbara is an artist specialising in silk painting; her video is on page one of You Tube http://youtu.be/1ZA9HObN_Go
http://www.SilkPaintingByGabogrecan.com/

Having survived a stroke and a brain tumour, Barbara wrote a book titled 'Thank God I Had a Stroke' to motivate and inspire others suffering from similar afflictions.
http://GabogrecanStrokeRecovery.com/
Barbara Gabogrecan
 
Posts: 341
Joined: Sun May 03, 2009 12:57 pm

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