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  • Reveal classic business master's tricks to avoid losing money

    Reveal classic business master's tricks to avoid losing money

    To become a self-employed and master in business, you must know how to spend money. Tell you not to be a doctor: The truth is that making money is the easiest of the financial metrics. How to spend money effectively, making money make money is a thousand times more difficult. Every decision to spend money without standards, the business system, the business you are dedicated to building, is like a cutting machine of your money.

    Article 1: Put money flows in the right direction

    In the article Revealing an effective enterprise cost management method, you have learned that: Need to allocate cash flow according to the business triangle: Marketing - Sales 60%, Products 20%, Operating 20%, with The spearhead of the attack, spending money first is always Marketing - Sales. And have to control these expenses with numbers.

    Step # 1: When your employee shows up the expenses, and you must make the first account. Any spending must be under control. The two words "derive" are always the spearhead of your business. All expenses must be outlined in advance in the direction of the business triangle mentioned above.

    If the expected cash flow to be spent on operations is too great, then it must be reviewed, cut and pushed for Marketing. Because you always remember: Marketing and Sales are the lifeblood of the business, all must be harmonious. You build up a body that is too big (large operating costs), but with too little blood flow (Marketing-Sales), the body eventually dies of anemia (the business dies of being too big). So keep this 60%. Be smart, both you and your system, have to be smart, must come up with effective Marketing - Sales campaigns. Rather than just running to the market to buy paper, buy a table, a chair, ...

    As the owner, the man who steers the boat, you must control this cash flow properly. Quan below gives too many operational expenses, must be able to sit and analyze them, helping them develop to move to Marketing and Sales more. I used to admire a business, when it was a small facility, but from the shipper, the guard, the accountant also knew the product and was ready to sell, business PR at any time.

    Let the entire body of your business circulate this Marketing-Sales blood, from the central head of the brain, to your arms, to even the smallest position in the business.

    Personally, now the services I provide, the operations I design, build all the software, automatically pre-install, and the rest I put all my energy into Marketing and Sales. The children in the Teams I build are all salesmen, maybe clumsy, but gradually get better.

    In this part, you must know how to calculate:

    - How much does it cost to issue a contract?

    - How much does it cost to sell a product?

    - How much money does a customer pay out?

    - How much money does a potential customer pay out?

    Here are four questions you must calculate to find the answer. Keep all your expenses under your control. Suppose to get a contract, but for you to make a profit, the amount of interest you can accept during that period, the cost to get a contract is 5 million. Then you only spend in this money. If this level of expenditure is higher than normal, it is necessary to find out the cause. Will the contract be lost? Will the employee undercut the money? At what stage are doing wrong? are doing ineffective

    Tell you this very hard. When I worked as a Marketing Manager to study abroad, in the peak month, the group poured money to run advertising is 120 million / month, but normally about 70, 80 million, running media channels. Over the course of 2.5 years, I always anticipate that the cost to run a study abroad contract is about 5 million / 1 Contract. I always prefer to keep this number. In the peak month of the season, I also lower this cost to 3.5 million / 1 contract.

    So what months it exceeds this 5 million / 1 contract. I have to find the cause:

    - Cause # 1: Coming from my own Marketing department, the children do not do well, the data has no potential, or there is a phenomenon of money cut off to run ads.

    - Cause # 2: Coming from the sales consultant in the company, or in the study abroad industry called admission consultants. They bring contracts from our Marketing Department to bring to another company. Because the bonus of closing a Marketing contract is 5 million, but bringing it to another company gets 1000 dollars. Much more fragrant.

    There were only two such cases, because the business departments were fiercely fighting vl, the admissions party completely turned our contracts away and filled the lick by blaming our rooms.

    So that time, I personally filtered the Data, to see if the children in my room were doing well. I called directly, and saw that there were 30 phone numbers of the admissions party not listening, and called back to 28 numbers of customers on the phone and 18 potential numbers interested in studying abroad. This proves that the children in my room run well. The problem to look at the admissions office took care of Data.

    I mobilized all the brothers and sisters to call back their phone numbers and ask customer test questions, to see how the customer is taken care of and will be transferred to another company or not. Finally, I also discovered a case of changing the contract, I reported it and that friend was dismissed by the company for cheating in the process of working.

    It was just a little, and this friend considered the body for a messy business room. Because the next time I summarize, there are nearly 100 Data went to other companies to study. This shows two reasons: one is the admissions office, the sales consultant skills are too poor, can not advise customers. The other two is that they moved to another company.

    I myself go to work, extremely hating to cheat and then blame others. Lower the capacity of our Marketing Department. As you know, cheats have a sweet voice that says morality. That's why I always take numbers out to analyze and cover! No argument. Can't eat shellfish. Then, causing controversy, making things up for others.

    It's a story I went through that tells you how much your investment costs go down. So you have to find out what your profession is, the four questions above:

    - How much does it cost to issue a contract?

    - How much does it cost to sell a product?

    - How much money does a customer pay out?

    - How much money does a potential customer pay out?

    Let no one go over and undercut your expenses. There is always an average number. As costs 5 million at least 1 HD out. Costing 100 thousand at least 1 Data, doing well also reduces the cost much. You have to get it.

    I can give you a figure of 7%. Also a number for you to note.

    - 100 Data Customers return, there is always about 7% of purchases

    - 100 customers in the seminar always got 7% ​​of the purchases.

    Take note of this 7% conversion rate figure. You do it well, it is much higher. But if it is lower then we have to examine and find out where the cause is. Just listening to the world's tongue is broken right away. You have to track the number and the number will tell you a lot.

    So, spend the cash flow in the right direction, in the right direction with 60% of Marketing costs, in the right direction with the cost to spend 1 Data, to make 1 Contract. It is not like giving money to sentient beings immediately.

    Article 2: Understand what the business expense figure is telling you

    Business, finance is a game of numbers. Numbers will tell you the truth. Whether it's slaps or a splash of cold water on your beliefs, your kindness. The truth is the truth. And you have to listen to the numbers to know exactly what the truth is. And even if someone else fixes the numbers, the numbers scream to tell you the truth, if you really understand them.

    Remember, every expense someone else recommends is justified. But whether it really helps your business or not, it remains to be seen!

    That day, when I was a Marketing Manager at the corporation, I was in charge of organizing events in four regions: Hanoi, Vinh, Da Nang, Ho Chi Minh. The design of the programs is done by me. But with the cash flow, I only paid in advance in Hanoi, and in the other three provinces I let them pay by themselves, pay with the accountant, but I never stood up to other people to spend. I do it myself or the vendor I designate and the kids in the room come to work.

    That day, during a difficult period, with calculating moves, I reduced all conference costs, because the cost increased too much, the staff members who were collaborators in my room were at risk of a break, so I always be careful about this issue. At that workshop, I took advantage of the large meeting room of the company, just photocopied a few documents and a barrel of water was finished, my suggested cost was 500 thousand. But you know what, the head of the Vinh office suggested 5 million for a workshop. And a month that time held 4 seminars, every weekend held. The two heads of the two areas of Da Nang and Ho Chi Minh, my cost difference check was only 400 thousand in standy.

    I called back and asked Mr. Vinh, there were extremely many reasons given. But because my colleagues are the types I can't show up and can't stop them, I just keep the right stance and report my conference fees to the accountant. The accountant will base the cash flow 4 workshops and handle it themselves. It comes out right away.

    Perhaps I am a person who always has the spirit of entrepreneurship, start-up so I am not corrupted, I always stand on the side of the business owner. The feeling of money being cut is so bad. We should see a lot of people: companies do not think about, businesses go down, do not worry, only have to cut off other people's money, bloods in the business.

    So, all costs you must manage closely.

    First: Don't spend too much money on Operations and Products, just putting 20% ​​of each is too beautiful. Many people have deliberately smeared out the cost to go shopping for easy cutting.

    Second: The cost of 60% for Marketing - Sales must be tightly managed by having the average number in the industry, how much money goes out of 1 HD, how much money goes to 1 customer, to control marketing costs. and Effective Marketing.

    The day I run Marketing, just keep spending 5 million / 1 HD is the highest, the most effective is 3.5 million / 1 HD. Then after the case the director forced me to pay 300 million for marketing money, all bullshit cash flow, and I did not pay. I was eliminated and he was replaced with a pet disciple. This sister came in and deprived me of all my authority, pushing me to take on the hardest part of the event, and she herself received it, she would go to the newspaper (ie link newspapers and publish articles). Each article has article 12 million, article 15 million, .... Mom at that time I just laughed except: If the hardest part, push me to do, the best part is easiest to cut money, the most to embrace, to sister. Oh the word "let me" sound so dear lol.

    Since then, I informed my company to quit my job and proceed to handover procedures. Although withdrawing from the ring. But I know, this lady does not understand, thought the rat was cheating on rice, I knew with this type of business it only lasted a few months. Because I have done too well with the cost of 3.5 million / 1HD and the corporation is already familiar with that cost. She entered, the first month she released 3 articles, in the second month she worked 12 articles. Every month also proposed to run 200, 250 million silk sprouting. Not to mention the contract to run banners across 200 million newspapers. Raising the proposed level to 400, 500 million. Pleasure. Why can it be done, because the director and this sister are united to eat warm here. It is not difficult to get rich. The way to get rich quick jubilantly.

    After about 2 months of quitting, I asked a sister who worked together, how much money she ran out of a contract. Then she said: 12 million 1 contract. Oh my, I just laughed, this kind of group won't let it go. No matter what the excuse of running a brand or a lame, with this kind of money, the corporation won't let her dance.

    After about 2 months, I asked again, then my colleague informed her that she had already resigned. Vacation is right, I said again. Vacation but nothing else.

    That's it, man, only in the business system will know how scandalous it is and how flustered it is. You can't grasp the mind of those top communicators who are still alive and active like lol. But the number tells you it all. You have to know the number. Good luck.

    Well if you want to understand methodically and systematically the numbers in business and business, please sign up for the Corporate Finance Coach package. See you there with many good things.

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