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One Thing: Day 69: Clients, Money Marketing
Day 69: Clients, Money Marketing
Thank you to everyone that downloaded my new Podcast ‘Business Coaching Secrets.’
The support blew my predictions away and is kinda overwhelming to be honest.
It takes people years to get thousands of downloads.
Thank you from the bottom of my heart.
Download My Raw, Unedited, BRAND NEW… Hard Hitting, Myth Destroying, Money Making, Seductive but Delusional Book Title Destroying, Paradigm Shifting… New Podcast for Business Coaches.
It will not disappoint on any level if you want Clients, Money, and Marketing:
And I’m bringing someone to Cancun with me for Business Coaching Mastery 6 (BCM6). In order to be eligible, you must download, review and leave a comment.
Anyhoo…
In response to mentioning profit margins on Friday and then the incredible power of “common sizing” an income statement yesterday…
I’ve discovered I have about 20 times as many accountants following me as I would have thought.
They’re a more passionate bunch than expected HAHA
I got some impressive feedback from a reasonably famous accountant that created a popular concept on business owners taking profits first.
This ONE THING goes out to my accountants reading plus my business coaches that like to make their clients a ton of money so they can get paid their high-end fees…
“Common Sizing.”
It’s not the sexiest subject in the world but it’s the second most powerful activity you can undertake with a coaching client’s income statement.
*Accountants can charge a LOT more and provide significantly more value when they provide this kind of magic for their clients.
BTW… You’ll need to download my podcast to find out the most powerful thing you can do with an income statement :o)
Common sizing is taking an expense on the income statement and measuring it against revenues on a percentage basis.
If a business had revenues of $1 million and paid $150,000 in rent.
The common sized version of your new coaching client’s income statement would have 15% besides “rent.”
If advertising was $100,000 on the same business then that line item would be 10%.
When you look at this version of an income statement, with comparables (financial documents are a borderline waste of time without comparables. As in compare against last month, last quarter, last year) you can see where a single expense can be out of whack and eating profits unnecessarily.
Like stepping on a scale. If you’re 200 pounds… but you were an overweight 260 three months ago… you’re doing great. But if you were 180 three months ago that’s likely not so good.
Business example:
A huge expense for a restaurant is food wastage.
If they’re buying well this number will be under control… if it gets too high they know they’re getting loosey-goosey on the ordering.
Very common.
As in they order without checking cause they’re too busy to check the freezer:
“Send the same order we got last month” is what they say when they get complacent / too busy.
A retailer has a similar situation when ordering stock months in advance. If not managed well they can end up with a lot of dead stock which EATS their profits.
This possibly doesn’t sound very exciting to the non-analyticals LOL…
But when combined with three things:
Comparables
Relationships
Trends
It’s life-changing for someone that wants to be insanely rich via business.
You heard it here first.
Obsessed with your business coaching success,
Karl Bryan aka King Karl
PS. Reality is I am under a little pressure in my own world… over 700 business coaches working with us, 24 different countries so lots of time zones, lots of staff, LOTS going on between my new software, new business coaching certification program being completed, a young family, my new Podcast launched and some very lofty goals etc…
I was subsequently reminded of this yesterday:
“Making a mistake is inevitable but admitting it is optional. A mistake is not a sin unless it’s not admitted.”
Download my new podcast here… you have my word it’s a beauty and if your goal is to build a successful business coaching practice…. it will not disappoint on any level:
One lucky winner will come to Cancun as my guest to Business Coaching Mastery 6 (BCM6)… download, rate and leave a review to enter.
Missed a day? Get them all here.
