How to Find Hidden Money In Your Business...

Ann Desseyn:  Hi, this is Ann Desseyn and today we're in the studio with Patricia Reszetylo. Now, she is a business coach and top marketing strategist that knows and understands the fundamentals and principles that help small business owners see dramatic, immediate increases in both their revenue and profits, no matter what type of business or industry you're in.

For everyone listening that owns their own small business, how would you like a simple, proven and tested way you can double your profits with little time or expense on your part. In fact, what if you could discover the formula today that would create massive exponential growth for your business starting immediately? If you ask any small business owner what they need most in their business, you get the same answers every time, "More customers and more revenue," but here's the problem. What does it take to produce more customers and more revenue and how can you do this consistently?

That's why Patricia is here with us today. Patricia, welcome to the studio.

Patricia Reszetylo: Thank you so much and it's a pleasure to be here. Now, that was a really great question. So let's dive right in and give your listeners some cutting edge information they can use in their own business. You mentioned the top two hot button issues that we constantly hear when we're talking with small business owners, customers, and revenue. Let's simplify this a little and focus first on customers.

First you must generate leads and then you must convert those leads into customers. When you break down the end result into leads and conversions, you can now put together a strategic plan of action to attend to attain that end result.

As for revenue, once you generate leads and then you can route those leads into clients or customers or patients or members or whatever you call the people that you are selling things to write, those people will pay you a specific price for whatever it is that you're selling and the price you charge should always be based on the value that you provide. So price and value are the first two components in the revenue equation, but it doesn't stop there.

Ann:                    So what's next?

Patricia:              Well, you've got expenses to pay and those expenses come directly out of that revenue you just generated. So the next revenue component to consider is your margin. How much of that revenue do you actually get to put in your pocket? But you're still not done. Oh my gosh. If they only buy from you one time, you're right back where you started. Now you need to generate a whole new batch of leads, convert them into clients or customers or whatever you call them. Right? It's a never ending cycle.

Ann:                    Well, it sounds like it right now. That's certainly frustrating to a lot of business owners. Can they do anything about that situation?

Patricia:              Oh, absolutely. What did you could compel those people that you're selling to increase the number of transactions that they complete with you year after year. So instead of one and done as we say, what if you could increase the number of times they buy? So thinking about it like this, if you could find a way to get 25 percent of your current customers to buy five times from you every year, instead of just once, your total annual revenue doubles. Most business owners only focus on generating more leads instead of finding ways to get the current customers to spend more money with them.

But here's what every small business owner needs to know and understand. It's called the 80/20 rule. Here's how it applies. In this case, just small business owners, 20 percent of what you do every day actually produces 80 percent of your revenue. In other words, there's only a few things that generate the vast majority of the revenue that we're making every day. Over years of working with business owners, we've discovered what makes up that 20 percent that all of us should focus on.

Ann:                    Well hold on a minute, Patricia, if you don't have a pen and paper in front of you right now, you might want to grab something and write these down. Really, go on and get a pen.

Patricia:               Alrighty. Here we go. So there's just five critical areas that every small business owner must focus on in order to build a multimillion dollar business: leads, conversions, transactions, pricing and profit. So we're going to use some specific numbers to illustrate exactly the importance of these five areas.

So in order for you to double your profits and create exponential growth, you have to start with a baseline. That means you need to know where your current numbers are in each of these areas. So first you need to work out exactly where those numbers are. Once you have them, you can work out what you need to double those profits and make sure that you're spending your time doing what you need to be doing. So let me give you an example and I'll start with leads. So let's say your current baseline is a thousand leads per year.

Your conversion rate is 25 percent, meaning one of every four of those people that you get in front of agrees to buy from you. So that means you convert 250 of those thousand leads into customers. Let's also assume that your number of annual transactions per customer is 10. So each of your 250 customers buys what you're selling 10 times a year.

Let's further assume that your average sale is $100. So your 250 customers are buying $100 product or service from you 10 times each year, which comes to a total annual revenue of $250,000. Now you've got to subtract at all your expenses, rent, mortgage, salaries or marketing, cost of goods, a role, all that good stuff. Taking all of that into account, we're going to assume that your profit margin is 25 percent. So of that $250,000 in sales, you're only left with a profit of $62,500. The goal now is to find a way to increase each of these five critical metrics for your business.

Ann:                    Well, so Patricia, you are saying that instead of living in a constant state of overwhelm as most business owners to do, these five areas can actually have a tremendous impact on their business?

Patricia:              Absolutely, exactly. So let me show you what I mean. Let's start with leads. Did you know that there are 30 separate distinct strategies that can dramatically increase your leads and they're all field tested and proven to work?

Ann:                    Could you give us one of them?

Patricia:              Absolutely. One of the most effective and powerful way to generate leads today is through a targeted direct mail campaigns. Now, a campaign means multiple mailings. Since single mailing seldom produces any kind of positive result. Unfortunately, most business owners never attempt a direct mail campaign because of the expense that's involved, which is actually why it's so effective when people aren't doing things when other people aren't using marketing strategies as more active for the people who didn't use them. However, if you know that one customer brings you $100, 10 times a year, each customer is bringing you in a thousand dollars a year, then you know you're going to make a thousand dollars for that customer you generate. So suppose you decide to test the direct mail. So let's say you elect the initial email to 25,000 prospects and you can send direct mail today for around sixty cents each. Twenty 5,000 prospects at sixty cents age means you're going to invest $15,000 for that mailing.

Patricia:              A typical four percent response rate produces a thousand new leads. If we stick with our original 25 percent close rate, we know we're going to get 250 new customers who each bring us revenue, $250,000. Now, if your profit margin is 25 percent and your profit is $62,500, we made some substantial money from this campaign, but consider this. Now one of the strategies I teach my allows them to execute a direct mail campaign to as many homes as they want to target. I do it all for free and all this strategy requires from the business owners a minimal amount of their time.

Ann:                    That sounds too good to be true!

Patricia:               And, marketing is an infinite subject. We're only limited by our imagination and our experience. One of the great advantages of being a student of marketing across multiple industries is that you begin to see solutions that are normally hidden to people who only operate in a single business model. And think about it. If you're a building contractor, I don't know, in the states maybe, and you've been operating in that space for 25 years, how could you possibly know all the ways that the dentist in Australia markets to his business, or a car dealer in Japan? You probably don't. Experienced business coaches, however, bring an outside perspective to their clients and these fresh insights give their clients the ability to outperform the competition and in most cases completely dominate their market. I see what you're saying. So and what if I could show a business owner how they could double their number of leads using a networking strategy or how to implement a no cost yet highly effective referral campaign?

Or how does that have lucrative strategic endorsement partnerships where other business owners sell your product or service on your website. Or perhaps you'd like to use a presentation strategy where you host an online presentation highlighting what you do using a Webinar or a teleseminar, or how about a comprehensive internet marketing campaign using Facebook or LinkedIn. And these strategies are just a drop in the bucket when it comes to helping you generate all the leads your business can handle. But whichever one or more of these strategies you choose to use for your business, do you think most small business owners could conservatively generate at least 10 percent more leads by using them? That sounds reasonable. Then you apply this to the example that you just gave us. Absolutely. So instead of generating a thousand leads per year, which was our original number, would you say that conservatively you could easily generate 100, 100 more.

Patricia:              So 1100 leads per year. That's just an extra hundred leads a year or two leads more a week. And that's leads. That's not even customers. So consider this example. Have you ever met a real estate agent? Yeah, of course. We've all met real estate agents, especially if we're networking. When you asked what they do, they all say, "I sell real estate." That's not very compelling at all. In fact, when a prospect hears that, you typically think "So big deal," there's nothing that makes you want engage with them. But when real estate agents like to network - they like to network, so let's say an agent goes to networking events and proclaims, "I sell real estate," let's assume that for every 10 people that hear the agent, one of them is interested, wants to talk to them about possibly selling their home. They just happened to be in the right phase of ownership.

They're getting ready to sell. So you know, but you know, consider this. Instead of telling people that I sell real estate, supposedly said this, "I help families buy homes larger than they thought they could afford." That perks my ears up. I'm not even in the home buying, you know, phase of life right now. And I find that interesting or supposedly said this, "I can sell any home for top dollar within 29 days and if I don't, I sell it for free." That's interesting too! Oh my gosh. And now an out of every 10 people that hear, one of those, how many do you think are going to respond now?

Ann:                    Anyone thinking about buying or selling a home would want to know more than, than that much from an agent. He wants to know more. Yeah, absolutely. I mean, that's interesting, it sets them apart, you know, and of course they would.

Patricia:              So let's just stay conservative and say just two now respond to them to instead of one, you know, that's 100 percent increase in leads and, and that's just from changing one sentence coming out of their mouth.

So my question now is this, with the 30 powerful and proven lead generation strategies available to help small business owners generate more leads, would you agree that just a 10 percent increase in leads is an ultra, ultra conservative figure?

Ann:                    In fact, that's kind of a no brainer.

Patricia:               It's absolutely a no brainer! Good!

So that takes care of leads. Now let's tackle that second critical area conversion. Your conversion rate is where the prospect is now a customer, our client, they're agreeing to buy what you sell. That simply means you found a way to compel their decision making process so that they choose you over your competition. What if we can help you convert your leads and close the sale at a rate that's just 10 percent more than you're doing right now?

Ann:                    Now, give us some examples.

Patricia:             Sure. What if I could teach you how to bright, powerful marketing and advertising copy along with pursuing sales scripts and have you write them all better than 95 percent of all the copywriters alive today? I know, there's some good ones out there. Then what if your copy was so compelling and persuasive that it would position your business as the only logical choice from your prospect to buy from? You can do that, and not just that. Suppose I could give you a strategy that would teach you how to add so much value to what you sell, that you can charge even more than your competition charges and your prospects wouldn't think twice about pain, and what if I could teach you how to completely eliminate any barrier to entry for your prospect, how to create irresistible offers that practically forced your prospect to buy from you?

And perhaps most importantly, what if we could hand you an entire drip campaign from your prospects who don't initially buy from you? Well, certainly an impressive list, but tell me what doesn't drip campaign. That's a good question. A drip campaign is a series of followup communications is usually by email or direct mail, and it continuously nurtures your prospect until they're actually ready to make that purchase. Did you know that the typical prospect doesn't buy until they get a minimum of six marketing messages from you? If you're in business today, are you currently sending out a minimum of six followup messages to your current prospects? If you're not, you are leaving an absolute fortune on the table. Wow. No idea. Most small businesses don't either. So now the big question with all of these conversion strategies working for you, would you agree it should be easy to increase your conversion rate from our original 25 percent, maybe even 35 percent?

 It's actually really, really easy to do, but as we did with our leads, we're going to keep our numbers ultra-ultra conservative. Would you agree that conservatively knowing what I've just shared with you, you would have no problem whatsoever increasing your conversion rate from a meager 10 percent from 25 percent to 27.5%?

Ann:                    I think that's way too conservative.

Patricia:               I know we're going to use that low number anyway, so now we're converting 27 and a half percent of our 1100 leads, which now totals 302 clients. Remember we only started at only 250. Now we're at 302.

Ann:                    So what is next?

Patricia:               Now we're gonna increase our number of transactions. We're going to implement a series of strategies that will compel our clients to buy from us more often. I'm going to start with a real life example. So last week I got the carpets in my house cleaned. I had the company clean just four rooms, paid the guy a hundred and $20 and that was the end of the transaction. That was it in out, you know, there was no process in place to try and get me to do business with them more often. All the crew chief said to me was, "If you have any that need their carpets cleaned, please let me know."

To be completely honest, I haven't had my carpets cleaned in ages. They really, really needed it. So what do you think I'd have done if you'd suggested that I enroll in his gold program and he'd do them for me three times a year and a special price? Now, you know, I know I'm going to get my carpets cleaned again. It doesn't mean I'm going to choose him, you know, and the only reason I used them anyway in the first place was his company offered a Groupon that caught my eye. I didn't know this company from a hole in the wall, but now that I hired them, they have the opportunity to get me on the hook for three cleanings a year rather than coming in once every two years. If that strategy got just one in three people to sign up, then the company just doubled their sales, you know,

Ann:                    Oh Geez, that's amazing! So you only clean your carpets every two years, huh? Give us another one!

Patricia:               Sure, how about a florist? Guys buying flowers for their better half, you know, once a year, maybe on her birthday or Valentine's, you know, once a year if that. So suppose we had a florist and we taught them how to set up a continuity program that we call "The lover of the year." Little lame, but you know, whatever. Uh, where a guy comes into the florist shop once a year. He selects a prearranged package of flowers, gifts, cards and whatever, and each targets a special date for the, you know, the coming calendar year for his better half and might include Valentine's Day, Mother's Day, her birthday, their anniversary, and maybe a day just out of the blue, just thinking of you day.

 So for each package the guy selects it would include specific floral arrangements. I fit the occasion. I'm a special gift that she will treasure forever, a romantic card containing a special handwritten message. And all of this gonna be done in about 20 minutes. Florist guarantees to deliver each arrangement on the appropriate days and he'll send an email or a text reminder to the guy the day before so that he doesn't forget the occasion and to confirm that the delivery will be made on time. As an extra bonus, the guy doesn't forget that you know, it's her birthday or their anniversary, so the florist could finance the entire cost of the program over 12 months. Charge the guy's credit card a set amount each month to make it affordable. No brainer, you know, out of sight, out of mind. Guys love this because the entire year's planned out, they don't have to make their typical last minute dash to the store. Oh my God, it's the anniversary. Oh No, no. And they go to the gas station and pick up an air freshener.

Do you realize that this florist has just conditioned this client to buy from them five times a year instead of once - and do you think this guy will tell four or five of his friends about this unique program? Of course they will. And did you know a version of this strategy can be adapted to work for almost any business in any industry. I can show you how to implement this strategy for any business.

Ann:                    Wow. Now that's incredible. So what is the impact then on our original business that we've been talking about?

Patricia:              Right? So looking back at our original numbers and you know, remaining ultra, ultra conservative, we could assume that it would be fairly simple to use strategies like this to easily increase our original 10 visits each year to just 11. We're just adding what ultra conservative 10 percent. So now we have 302 clients paying us 11 times a year instead of just 10 times at 100 bucks a visit. That's 332,200 instead of 302,000 you know, that's $30,000. That's a car!

Ann:                    I'm starting to see why you referred to this earlier as exponential growth.

Patricia:              Absolutely. Now let's consider price in this equation. What if I can help you implement a series of targeted strategies that allow you to instantly increase your sales price with no effect whatsoever on your conversion rate?

Ann:                    No effect on conversion? Now you've got my attention!

Patricia:              Great. Did you know that price is one of the least understood components when it comes to small business ownership? Let me explain this in very basic terms and for those of you who are small, business owners pay very close attention to what I'm about to say. This could be a major revelation for you.

Suppose you sell a product for $100 and the net profit on that is 25 percent. That means after you pay the rent, salaries, commissions, yeah, cost of acquisition to the product, utilities, everything else, right? You get to put 25 bucks of that 100 into your bank account. So what happens if you increase that price by just 10 percent? 10%! Did you realize that that additional 10 percent is pure profit? Typically, there's no additional expense that must be factored into determining your net profit. Your net profit just went from 25 to 35. That means your profit on this one product just increased by a whopping 40 percent.

Ann:                    That makes sense, but is increasing your pricing really feasible? Most business owners I know lie, you know, awake in bed every night trying to figure ways to lower their prices so they can be more competitive.

Patricia:               Yeah, they sure do. So the question becomes how can you increase your prices and get away with it? There's two key methods here that will allow you to do that. They go hand in hand with each other. 

First is you add more value. Easiest way to do that is through bundling. Bundling is where you take different products and services and put them together to create a new higher price offering. You see this all the time on infomercials, on tv where they while you with the versatility and the convenience of the Nuwave oven, and then they add everything, including the kitchen sink to create the perception of massive value. Watch these infomercials when you see them on TV. I know it's scary, cause you're gonna buy something, but, you know, watch them when you see them, you're going to see that they follow the same bundling formula, including at the end when they make their offer a complete no brainer by deciding that they're going to send you two of the products for the same price as one, so who else uses this?

The George Foreman Grill, Nutrisystem, the Snuggie, Sham Wa - the list is absolutely endless. They all use bundling to increase the perceived value and they make a fortune doing it.

The other factor is to explain the reason why you're increasing your prices to your customer. If you say, I had the increased my prices 10 percent because of x, y, and z, more often than not, you know, they'll let you get away with it.

Here's another revelation for all small business owners. The easiest and fastest way to increase your prices is to increase your prices. Just do it. You heard that right - simply raise them 10 percent. Here's why: most small businesses compete on price. Increasing the prices has never been an option, much less a consideration. That's because they really haven't considered the facts when it comes to increasing their prices. So let's say a business sells a widget for $100, has a profit margin of 30 percent.

If they discount their price by just 10 percent to $90, now they have to sell 50 percent more widgets just to get back to the original profit margin. Does any business owner today really think a measly 10 percent discount will generate 50 percent more sales? Most of them offer discounts from 25 to 50 percent and then they wonder why they're going broke. But watch what happens when you increase your pricing. So let's say the business charges 10 percent more for that widget that makes their price at $110. Now ask yourself this, will that small increase really lead to a loss of customers? Probably not. Unless the business offers a really basic commodity with many other competitors offering the same exact thing at a lower price, then it's basically convenience and not the price that comes into play. Even if it does lead to customer attrition, to what extent would that 10 percent price increase, the business is now making an additional 10 bucks, all of which is profit.

That's a 33 percent profit increase! For this business to make a thousand in profit selling their widgets at $100 each, they needed to sell 33 point three widgets, increasing their price 10 percent. Now they only need to sell 25. So who cares if you have fewer customers, you're still making the same money! That means to break even, they would have to lose 25 percent of their customers over a measly 10 percent increase. It's really not going to happen. Of course you want to err on the side of caution and test the increase on a small scale to engage the reaction, but trust me when I say that any customer attrition will be minuscule, so increasing the price of a business's product or service results in an immediate increase in revenue and profits. So looking back at our original numbers, if we increase our original $100 price point by just 10 percent to 110, our total revenue has increased from 332,200 to 365,420.

Ann:                    We found $30,000 money. You mentioned at the start of this interview there were five areas of growth. What is your number five?

Patricia:               Five! Yes, last but not least is profit. Everything we've just discussed is worthless. If you aren't making a profit on each and every sale. I can teach you ways to slash costs without affecting your day to day operations. For example, I can show you how to use barter to significantly reduced or even completely eliminate everyday expenses. You've got accounting, bookkeeping, printing, advertising, office supplies, other date, other everyday business expenses that can be dramatically reduced, sometimes even eliminated by following those strategies and did you also realize that you can see a huge increase in your profit margin just by properly identifying and then targeting the ideal client or customer? That ties into the 80 / 20 rule we discussed earlier. Now in this case, it refers to the fact that 20 percent of your clients generate 80 percent of your total profits.

If you can replace the 80 percent of your low margin clients with more of the 20 percent time margin group, you're going to see those margins explode sometimes by as much as 16 times so you don't have more clients. They're just paying you more. Another example has to do with separating your business from your competition. By becoming unique in what you do. Setting yourself apart from the herd creates a massive competitive advantage that can just skyrocket those profit margins. As an example, one of our clients use to manufacturer more than a thousand different types of ceramic tiles and accessories. He voluntarily discontinued 80 percent of his products. Focusing his sale and development efforts on just those products that gave him a competitive edge. The result has been a rebirth of his company where he doubled his profit margin and increased his sales.

Ann:                    That's amazing!

Patricia:               So let's assume you implement just one of these strategies and keeping the numbers ultra-ultra conservative, we see that your profit margins increased by just 10 percent. They go from 25 percent to just 25. I'm sorry, 27 point five percent. We now go from our original profit figure of 62,500 up to 100,490. So now we have over $100,000 in profit. Almost doubled that profit, which was our original goal. That's not too bad at all.

Ann:                    That's incredible, Patricia, and it is so logical. It's frightening.

Patricia:              We're really not talking major changes here. These are small incremental changes that barely cause any disruption to your current business. Any business owner can do this.

Ann:                    Okay. Kind of small business owners listening today way they can take advantage of this information?

Patricia:              Absolutely. My team and I have created a complete online small business coaching platform that can not only double or triple your profits, but it can create exponential growth for any business starting today, starting, you know, an hour after you get in it. When you use our tools, resources, templates, along with the powerful audio and video training that we have available, you immediately begin to see results like this.

Ann:                    Let me play devil's advocate for just a minute. I think I know what most business owners are thinking right now. Can you actually prove to us in advance, that this works?

Patricia:              That's a great question, and the answer is yes, of course. In fact, approved any small business owner that this works by offering to put a large sum of money directly in their pocket and I won't charge them a cent to do it. If any listener will invest just 45 minutes of their time with me, I'll find them a minimum of $10,000 of extra profits hidden in their business, guaranteed. I know that sounds too good to be true. I assure you that finding more than 10,000 for any small business owner is mere child's play. In fact, when I do these 10 key challenges as I like to call them, I typically find well north of $100,000 for them varies a little bit from business to business, but I can often find that I can do this because my partners and I have worked with thousands of business owners all over the world.

We've discovered that none of them apply these very simple and easy business growth strategies that unleash tens of thousands of dollars in hidden revenue in just a matter of minutes. So everyone listening, just give me 45 minutes of your time and using three or four simple gross strategies, I'll find you a minimum of $10,000 hidden in your business without spending a cent on extra marketing or advertising.

Ann:                    That's an incredible often Patricia, so what's the catch?

Patricia:               There is a catch, because I do want something in return for my time to do this. I'm currently writing a book that documents the process I use to find more than $10,000 for small business owners. My publisher just asked me to get 12 additional case studies to put in the book that officially documents my ability to find that kind of money for any business in any industry, and listen, because I want to be completely transparent here regarding this offer.

The case studies I use in my book let me get a ton of new clients for myself. Now think about this: I go in and I find let's say a daycare center with an additional $178,000 profits that they could be putting in their pocket every year, but they aren't right? I found it and I guarantee you that every one of those strategies I used to find that daycare that additional revenue will apply to every other daycare on the planet. So look at the leverage that gives me now as a business growth strategist - I can call up any day care anywhere in the world. Tell them "I met with one of their competitors in Xyz daycare and then less than 45 minutes I found them 178,000 in additional revenue for their business. I'm calling you because my initial research indicates I could produce similar impossibly better results for your daycare and I'd be interested in speaking with you about a possible profit sharing arrangement with you. Could we schedule a brief 45 minute meeting and let me see if this type of revenue increase is possible for you?" Now, what do you think they're going to say?

You know what? What? What do you think they're going to say? This is the absolute no brainer. So every case study I generate opens up a new niche market for me to contact, bring in new clients for my coaching practice and that's why I'm offering this opportunity to your listeners and not to mention I'm truly passionate about helping these people. They're the lifeblood of our economy and they get so little credit. So I'm asking you all of your listeners, in return for the service, is that they allow me to use the results as a case study in my book, and this might be important for your listeners. I don't have to use your name or the name of Your Business in the event that you don't want me to. I can simply list your profession, leave off your name, the name of your business. My main interest is to document your actual results and nothing more than that.

Ann:                    So for those who are interested in accepting your offer, do they need to meet with you in person?

Patricia:              Absolutely not. I can do this over the phone. I can do it over the Internet. It's so totally convenient for those who'd like to participate. So again, if any of you are interested in putting an extra 10,000 or more in your pocket for spending less than 10 minutes, sorry, 45 minutes speaking with me over the phone, just go to https://ScheduleMy10kMeeting.win. That will take you to my online calendar where you can select a date and time that works for you. That's it. I'll call you then, and in any case, in case anyone's wondering, it's not a sales call, there's no selling during our conversation, I'm going to strictly focus on finding new additional revenue and profit.

Ann:                    Patricia that is an incredible offer! I think I might just have to take you up on that myself. But listen, thank you so much for being on the program today. I don't recall anyone I've ever interviewed providing so much practical and applicable information in such a short timeframe. Now, would you mind repeating that URL again, where people can apply for your challenge?

Patricia:              Sure thing, and just go to https://ScheduleMy10kMeeting.win, and then just choose the time of day that's best that works for you and then we'll start figuring out where you'd like to spend all the additional revenue I'm going to unlock for you.

Ann:                    Well again, Patricia, thank you for that very generous offer. Ladies and Gentlemen, that was Patricia Reszetylo, one of today's top sales and marketing strategists. I hope you got as much out of today's interview as I did. I think I've taken close to five full pages of notes. I want to thank everyone for tuning in today and I'll be back next week at the same time. Have a terrific week everyone.

Patricia:              Thanks.