Ask the Coach

Question: I’m using a shotgun approach to the marketplace and making cold calls everyday and cannot seem to make any progress. What can I do?

Answer: First off, stop the shot gun approach; it is not efficient for you. It might feel good, but it is not producing the desired results. Focus on market niches you know will use your product or service and develop a marketing plan to optimize your returns on investment. Grow that niche with laser focus. Many companies target multiple market niches while testing the waters on new speculative niches.

Question: I know the term break-even point, but I do not know what it really means and how it applies to my business?

Answer: In its simplest terms, it is the point where revenue meets your total expenses. At this point you know you have covered your costs and you can now make the assumption that you are making profit. Knowing your break-even point and tracking it on a weekly/monthly basis can give a very quick indicator as to whether your business is making money or not. Many businesses know the term but do not know their break-even point. You are leaving yourself wide open since you do not know the true financial picture on a regular basis. Action item: calculate your break-even and track it on a frequent basis.

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