1/22/2021 Tip: Why You Need Business Advisors

Today’s Quote

Wisdom is what’s left after we’ve run out of personal opinions.
~ Cullen Hightower
 

Today’s Tip

Business advisors are successful people you respect and that agree to help your company. Advisors are generally successful and/or retired executives, business owners, service providers, professors, or others that could help your business.

I love getting Advisors since they have 4 key benefits:

  1. Practice: if you can’t successfully pitch an advisor to invest time in your business, then you’re not going to successfully pitch anyone to invest money in your business.
  2. Connections to capital: as successful individuals, advisors often have the ability to invest directly in your company; and/or they tend to have large, high quality networks of individuals they can introduce you to.
  3. Credibility: having quality advisors gives your company instant credibility in the eyes of lenders, investors, customers and partners.
  4. Operational success: Having Advisors with whom you can discuss key business matters as you grow your venture will help ensure you make the right decisions, particularly if they have encountered and dealt with the same challenges already in their careers.

 

Today’s Resource

Funding to Start & Grow Your Company

Do you need funding to start or grow your company?

If so, don’t go at it blindly.

Rather, you should use my proven funding strategy:

See how my funding strategy works <–

 

Trivia

Today’s Question: What invention originally failed as a new type of wallpaper, but later became wildly successful in the packing industry?

Previous Question: Who invented “freebie marketing,” the concept of either giving away a salable item for nothing or charging an extremely low price to generate a continual market for another, generally disposable item?

Answer: The concept was created by King Gillette, who founded the Gillette Razor Company. King developed the concept of giving away the razor or selling it for a low cost, and making money on the continuous sale of razor blades.

This is now known as the disposables model or the “razor and blades” business model.

The best type of business, in my opinion, is the one where you make the core sale once, and then customers keep buying and buying from you.

Even if you lose money or only break even on the initial sale, you generate a significant lifetime customer value and substantial profits.

You should always be thinking about how you can develop continuous revenues from your customers.
 

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