Client Case Study #1: Video Production Company
This client had been working a full-time job while working on his business on the side and he was ready to make the jump to full-time business owner with his venture. He had never ran a business full-time nor worked with a business coach before, but was well aware of the benefits of having a business coach from the start of the business. He wanted to do it right the first time, so he reached out to us.
For this client, there was less of a problem or issue at hand and more of the understanding that having a business coach from the beginning will help mitigate the many risks and failures a first-time business owner experiences along the path to success. He had never managed a team of people (except for contractors) or had created an internal team and was well aware of the impact of hiring the right person vs. hiring the wrong person.
The main goals for this client when first starting work with us were to double revenue in the first year, create systems/processes for sustainable long-term growth, and develop a replicable business model for strategic expansion.
The strategy we had put together were aimed at tackling these goals by teaching foundational business owner skills, understand the WHY and PURPOSE behind the business where soon-to-be employees can identify with helping to create an ownership mentality, identifying the first hire, and leadership development regimen. We ensured we stayed on track with our strategy through weekly meetings and tracking progress and growth through a weekly scorecard – later this helped us spot trends to be better prepared.
Key Action Items:
Identified the type of business he wanted to run.
Identify strengths and weaknesses in owner
Implemented KPI’s to track progress and need.
Implemented several “ownership mentality” strategies for onboarding, goal setting, and appreciation.
After one year of working together, we had created a scalable business model expanding into 3 new cities, fully hired and onboarded 4 new employees still with the business, and revenue grew by 4x.
Case Study #2: Client Case Study: Dog Training Franchise
When we started working with this client they had owned a franchise for a little over two years and had outgrown the support that was provided to them from the franchisor. They were struggling for direction on how to take their business to the next level and reach out to us for help.
The predicament for these owners is typical for many small business owners. They were working 12-hour days consistently, not making enough money and not seeing a way out of the situation.
"THEY WERE STRUGGLING FOR DIRECTION ON HOW TO
TAKE THEIR BUSINESS TO THE NEXT LEVEL."
Their main goal was to continue to grow top-line revenue and profits. Initially they wanted to create a marketing campaign to get more leads.
After working together, we discovered that the problem was not lead generation, but a weak sales process that led to only mediocre conversions. In fact, had they implemented a new marketing plan and generated more leads, it would probably have put them out of work because their sales process was so labor intensive.
As a first step, we improved their lead conversion rate through a better sales process. We started to implement a solid KPI system to track performance in many areas of their business.
"AS A FIRST STEP, WE IMPROVED THEIR LEAD CONVERSION RATE
THROUGH A BETTER SALES PROCESS."
Key Action Items:
Updated sales process
Implemented KPI system
Developed interview and onboarding processes
Added three team members (tech, admin/sales, tech support)
Established a solid team meeting routine
We created a truly scalable business model. Revenue grew from around $240,000 in 2017 to be on track to reach $500,000 in 2019. The owners now work less in their business, make more money, and have time for their growing family. We are now in the planning phase for a second, complimentary business that will launch in 2020.
Client Case Study #3: Electronics Refurbishing Company
This client owns an electronics refurbishing/retailing company. In essence, they buy electronics (mostly computers), refurbish them and then sell for a profit on electronic marketplaces like Amazon, Ebay, Rakuten, NewEgg and Walmart.
When we started the coaching relationship, the owner operated out of the basement of his home with a couple of technicians. The owner was tied to the business all day, working from 7:00AM often until after midnight.
All processes were tied directly to the owner, and because of a very fast-paced environment (2-day delivery: ratings are EVERYTHING), the owner did not feel comfortable letting go of any control in the business.
The main goal of our coaching agreement was to free up time for the business owner by hiring a customer support person.
We developed a hiring process and Employee Acquisition Plan
We created and mapped out the systems needed to ensure quality control.
We implemented a cash flow management plan
Key Action Items:
Hired a customer care specialist who has now grown into the office manager position - She hired her own replacement.
Secured funding to keep up with cash flow requirements of the growth
Developed and built out a simple, but effective inventory system
Created job descriptions and KPI systems for each position
Hired an Operations Manager who oversees the purchasing of materials and the workflow of the day to day operations
Moved into a new building
Transitioned to using an accounting firm
Identified and improved processes, automated as much as possible (continuing process)
Set up a basic leadership structure and accountability so the team can efficiently work together
Over the course of one year working together, the company grew its monthly revenue from around $30,000 to $300,000. That's 10x in one year!
Case Study #4: Step By Step Elevator Pitch Example
As you listen to the video on the elevator pitch, most small business owners wonder if all the effort required to develop a "killer" elevator pitch is really worth all the time and energy it takes to create it. If you're wondering the same thing, just consider the case of Dave and Yvette Smith in Dallas, Texas. They spent months refining their elevator pitch until they heard that one specific response that told them they had it nailed… "how do you do that?"
Dave and Yvette are in the travel industry. They offer a business opportunity where couples can join their down line… at which time they help them set up an in-home travel agency that books trips and vacations for families. The couples that join their organization can make a very nice income every month working from home… and they are also entitled to huge discounts on some spectacular trips as well.
Unfortunately, Dave & Yvette weren't very good at getting that message out very effectively to their prospects. Their very first elevator pitch sounded like this…
"We help people diversify their income portfolios while taking trips."
That's simply NOT compelling… there's no emotion in the wording… and it just wasn't resonating with anyone. In fact, using the phrase "diversify their income portfolios" makes the prospect listening to this actually stop listening and mentally start trying to figure out what was just said. In fact, didn't you just do the exact same thing?
For some reason, business owners think they MUST use complex wording to try to impress prospective clients… when the exact opposite is true. Prospects just want to know how you're product or service is going to benefit them. The easier and quicker you make that process, the better they like it.
After finding themselves in the bottom 3% of all travel agents worldwide… they had almost given up hope. That's when they stumbled across OneCoach. Once we diagnosed their problem, our prescription was for them to learn our SmartGrowth process for creating and developing an elevator pitch. We wanted to show them a simple, step-by-step process that would help them create their very own "million dollar message."
In just 60 short days, Yvette called us brimming with excitement. She said "guys… we nailed it!" When we asked her why she felt that way, she told us that she had a dentist appointment earlier that morning, and when she went to the receptionist to check in, the receptionist recognized her and asked what she was doing these days. That's when she decided to try out their latest version of their elevator pitch.
Here's their new elevator pitch.
"We help people make a fortune while taking dream vacations."
She said the entire dental office "shut down." Her exact words… "it was just like that old E. F. Hutton commercial where everything goes dead silent." Right after I said it, two dental technicians came out of their treatment rooms and asked me "how do you do that?" I had three patients who were sitting in the waiting room and overheard me walk up to me immediately and asked for my business card. It was incredible.
"We help people make a fortune while taking dream vacations."
Now THAT'S an elevator pitch. It's short, compelling, grabs your attention and makes you instantly want to ask them "how do you do that?" They use it at every networking event they attend… and they walk out with prospects galore. They use it at Chamber events… when they attend seminars… and whenever they introduce themselves to strangers. Everyone… and I mean everyone… always ask them "how do you do that?"
By the way, the month they developed this new elevator pitch, their business revenue exploded by more than 400%. They went from a 5 figure annual income to a six figure MONTHLY income. That's no coincidence. That's the power of taking the time to create a powerful and compelling elevator pitch. That's why you want to immediately create one for your business and then integrate it into all of your sales and marketing collateral.
Your elevator pitch becomes a beacon. It attracts customers to you in droves. It drives your profits through the roof, and it gets your entire staff on the same page with a unifying message.
It reduces disputes and mismanagement of projects within your business by providing a specific focus. It brings huge success to areas that used to be difficult… such as marketing. It's literally the most powerful tool you can own in your business.
Once developed, your elevator pitch becomes your core message… your new "mantra" so to speak. It becomes your "war cry" that you position in EVERY form of communication you use. It becomes the central theme throughout all of your lead generation and lead conversion materials.
That's why you may need to spend hours… days… weeks… perhaps even months developing, tweaking and refining your elevator pitch. And you will continue to do so forever. There will ALWAYS be a new and better way to get your message out to your ideal client, and you need to ALWAYS look for that new and better way… for as long as you're in business.
As conditions change within your industry, you should revisit your elevator pitch. Whenever you add a new innovation to your business, you should revisit it as well. Hopefully we're convincing you that it's worth all the time and effort you'll put into it. And when you nail it… use it well, use it often, and use it everywhere you go.
It literally becomes your "million dollar message!"
Case Study #5 The Wrong Sales Process
A professional services company had a handful of junior sales reps, all of whom were missing their numbers. The CEO was frustrated because they had a strong direct-mail program that was producing a very high call-in rate. However, the call-in conversion rate was quite low and generating far less revenue/sales than projected.
We went in to study the client acquisition process from beginning to end. Clearly, the direct-mail campaign was working based on the number of pieces that were sent out every month and the high percentage of prospects calling in from each mailing. The sales reps had good selling skills and used a traditional consultative selling process. However, the company's offerings were simple and straightforward. We discovered that the prospects calling in were ready to buy and didn't need to go through a consultative process. So the sales reps were actually getting in the way of the sales!
We took one sales rep out of the client acquisition process for one day and had his incoming calls answered by an office assistant whom we asked to play customer service rep. At the end of the day, the number of call-in conversions was up significantly. We immediately replaced all of the sales reps with customer service reps. Since the company wanted to keep the sales reps, we moved the handful of sales reps to outside sales with a major account acquisition strategy and execution plan.
Sales tripled in the first thirty days from the direct-mailing call-in conversions! One sales rep left the company within three weeks. Another sales rep set the world on fire and closed two major accounts a week with corporate licenses after a thirty-day ramp-up period. The others did moderately well, gaining 1 major account a week with corporate licenses after a thirty-day ramp-up period. Total revenue from the new major account division was an additional 29% at the end of four months.
The Common Mistake
Literally 99% of all companies that we evaluate have no company-wide sales process or, even worse, an ineffective sales process. This is like a football team not using the same playbook or defending against a running game when the opponents are playing a passing game!