Over the years, I've come across businesses that have what I like to call a "one trick pony" sales model. Let's delve into that below. But first, let's consider some real-life scenarios: Company A offers administration services to small businesses, focusing on restructuring their office processes. They train the owners to understand these systems and once the training is completed, they walk away from the client, considering their job done. Company B sells building products to the residential housing market. They have a quality product range with multiple uses for wider industry buyers, such as commercial and rural sectors. However, they primarily focus on the domestic market, which is currently experiencing a major slump. Despite this, all their management training and marketing efforts remain centered around serving domestic clients better. Company C sells business training tools for small to medium business owners to improve their business management. They tirelessly approach the market to sell these tools, but once they make a sale, they quickly move on to the next one. However, the skills evident in designing these tools could be of far greater use to the clients than just providing the tools themselves. Company D provides meals in an iconic southern NZ location. Their meals are incredibly popular, and their following requires little marketing. However, they solely sell meals without any additional offerings. While their customers leave satisfied, the financial success of the company solely depends on the number of meals sold. So, what exactly is a "one trick pony" sale? Think of it as a circus where you witness animals performing a multitude of tricks. However, the little pony can only do one trick, and its relevance to the overall circus experience is fleeting. Similarly, a business that provides a one-time sale that briefly enhances a customer's life or fulfills their immediate needs, but lacks ongoing relevance, can be considered a "one trick pony" sale. At iKULUTU, we understand the importance of building long-term relationships with clients and offering ongoing relevance. We believe the following list represents the order of the easiest to hardest client product mix: Selling an existing product to an existing customer. Selling a new product to an existing customer. Selling an existing product to a new customer. Selling a new product to a new customer. The businesses mentioned earlier primarily focus on selling to new clients using existing products, which often results in a one-time sale and a lack of future interactions with those clients. In other words, it's a "one trick pony" sale. So, how can we solve the above issues? Now that we understand the need for businesses to stay relevant to their clients, let's see what the examples above could do to change their business models: Company A now offers three services: A small consulting package to restructure small business operations and set them up for success. Ongoing administration system maintenance for clients at 50% of their regular charge-out rates. Managing a database of existing and potential clients for the business. This database is utilized to send marketing messages, generating new leads and repeat business, effectively helping pay for the ongoing services. Company B expands its marketing efforts to: Target the commercial sector and offer special deals to the rural sector. The commercial sector, in particular, has customers with multiple projects, requiring regular product sales. Provide free maintenance processes to residential clients for the first three years after construction, extending the product warranty beyond any competitors' offerings. Offer detailed warranty record books to all residential clients. These books are sent to the clients' Valuers, helping them maintain an up-to-date record of the property's warranty compliance, which in turn assists the clients in verifying the property value. Company C, instead of selling tools, now offers: Business training and coaching services, supported by a toolkit of documents to help the client become a better business owner. This approach fosters a long-term relationship rather than a one-off sale. Company D, while still providing meals, has expanded its offerings: They now sell merchandise for customers to remember their dining experience. Additionally, they have created a Facebook page to capture client sentiments and directly engage with them about their latest offerings and events. Now, let's address some common problems: Customers are often unaware of the level of expertise and skill available beyond the initial sales pitch, which is often of greater importance to them than the sale itself. These companies previously focused solely on improving their skills, resulting in increased frustration when faced with the treadmill of non-repeat sales. They invested more money in short-term outcomes without breaking free from cash flow pressure. So, what can you do to overcome these challenges? Start by valuing your skills, as the client will value you in return. Differentiate yourself from the competition by always focusing on what the client wants, rather than solely what you can sell. Strive to become recognized by your clients as a valuable supporter of their business, with a focus on helping them achieve their goals and desired outcomes. Begin by selling your existing products to your existing customers. Make sure they are aware of your full product and service list and how it benefits their goals. Finally, consider seeking business coaching support. A fresh perspective on your approach to your business and your clients can be immensely valuable. By implementing these strategies, you can transform your business from a "one trick pony" into a dynamic and sustainable venture that builds long-term relationships with clients and delivers ongoing value. Remember, success lies in understanding the importance of continuous relevance and adapting your business model accordingly. Together, let's break free from the limitations of a single trick and embrace the limitless possibilities of a multifaceted approach. 

In today's business landscape, an often-overlooked factor that can have a profound impact on the value and salability of a business is the demographic shift towards an aging population. As the number of retirees increases and the pool of potential buyers decreases, business owners may find it more challenging to sell their businesses at a desirable price. Understanding this shift and taking proactive steps to prepare your business for sale in light of these changes is critical for securing your financial future. Understanding the Demographic Shift The demographic shift refers to the changing composition of a population over time. In this context, it signifies an increase in the proportion of older individuals within the population. According to data from the United Nations, by 2050, one in six people in the world will be over the age of 65, up from one in 11 in 2019 ( https://www.un.org/en/development/desa/population/publications/pdf/ageing/WorldPopulationAgeing2019-Highlights.pdf ). This increase in the aging population has broad implications, including a shrinking workforce and changing consumer preferences. For business owners looking to sell their businesses, this demographic shift can result in a more competitive market, with fewer potential buyers and a possible decrease in business valuations. Understanding these trends is essential for positioning your business favorably in the market. Challenges for Business Owners As the population ages, business owners face several challenges when preparing their businesses for sale: Reduced Buyer Pool: With more people retiring, there may be fewer entrepreneurs looking to purchase existing businesses. Changing Consumer Preferences: An older population may have different needs and preferences, affecting the demand for certain products and services. Increased Competition for Buyers: As many business owners from the baby boomer generation reach retirement age, there is likely to be an influx of businesses for sale, making the market more competitive. Workforce Considerations: As the population ages, companies may face challenges in recruiting and retaining a younger workforce, which can be an important consideration for potential buyers. Economic Impact: The aging population can affect the broader economy, potentially leading to slower economic growth, which can affect business valuations and buyer confidence. Adapting Your Business Model In light of these challenges, adapting your business model becomes a necessity. Here are some steps you can take: Target New Markets: Consider diversifying your target market by including products or services that cater to an older population. Leverage Technology: Utilize technology to streamline operations, improve efficiency, and appeal to a broader range of potential buyers. Build a Strong Team: Focus on recruiting and developing a younger workforce, which can be an attractive feature for potential buyers. Offer Unique Value: Differentiate your business by offering unique value propositions that set it apart from competitors, particularly in a saturated market. Develop a Scalable Model: Creating a business model that is easily scalable can be attractive to potential buyers looking for growth opportunities. By understanding the demographic shift and the challenges it presents, and by adapting your business model accordingly, you can position your business for a successful sale, even in an increasingly competitive market. Exit Strategy Options In a tough business climate, having an exit strategy is critical. Here are some options that can be considered for a planned and smooth exit: Management Buyout: Selling your business to your management team ensures that your business is left in experienced hands. Sell the Business Externally: Finding an external buyer could potentially provide you with a higher return on your investment. Pass onto Family: If you have family members capable and willing to take over, this can be a good way to keep the business within the family. Shut the Business Down: In certain scenarios, winding down might be the most viable option, especially if the business is not doing well. Preparing Your Business for Sale To ensure a smooth sale in the future, it is essential to have your business well-prepared. Here are steps to take: Implement Robust Systems: Streamlining operations through effective systems is critical. This adds value to your business by ensuring efficiency and consistency. Ensure Predictable Revenue Generation: Develop strategies that ensure a steady flow of new business. A predictable revenue stream makes your business more appealing to potential buyers. Create a Succession Plan: Develop leaders within your organization who can continue to run the business efficiently even in your absence. This adds a layer of security for a potential buyer. Documentation and Compliance: Keep your documentation, licenses, and compliances up to date. Having all the paperwork in place will build confidence among potential buyers. Build a Brand: Work on creating a strong brand identity. This makes your business more attractive and can fetch a higher price. Optimize Financial Performance: Ensure that your financial records are impeccable and that the business is financially healthy. Exiting a business is a complex process that requires planning and strategic thinking, especially in a challenging market. By considering various exit strategies, and preparing your business for an eventual sale, you not only protect your investment but also ensure that the business continues to thrive. This preparation is critical for making the sale process smooth and beneficial for both you and the buyer. Are you interested in learning more about preparing your business for a successful exit? We invite you to attend our seminar, “Beyond Business: Planning Your Exit,” on July 12th at 12pm at the MACTODD offices in Queenstown. This seminar will provide you with insights, strategies, and practical steps to ensure that you are well-prepared for a successful business exit. Don’t leave your business future to chance - be informed and take the right steps towards securing your legacy. Register now to secure your spot - https://form.jotform.com/231728212827860

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And Yes , it’s easy to get distracted by it all. And Yes , it’s easy to fall into the trap of feeling that you are not in control anymore. And that SUCKS! It’s an awful feeling. But none of the world’s craziness at the moment is your fault. And you definitely can’t control any of it. So why stress over something beyond your control? Makes no sense, right? But there is something that you can control…. What you do Today, Tomorrow and the Day After! (aka “Your Daily Habits”) That’s It! Nothing else matters… AND, you are the only one in control. The 10 Habits of Successful Business Owners That Only YOU Control TTT which stands for ‘ Time To Think ’… create a question and take 45 minutes in a quiet room with zero distractions to write down your thoughts and solutions to it. This will perform like MAGIC for you. Exercise … go to the gym, or just go for a walk. It will fire-up your daily productivity and your income. Identifying your 80 / 20 (50% / 1%). Everyone says they know the 80 / 20 rule but very few apply it. Things that are directly related to your ultimate vision . See #1 if you are not clear on your ultimate vision. Acknowledging “ small wins ” (small wins are proven to lead to your BIG wins) High productivity tasks (think 1% / 50%) that ‘move the needle’. Exploring innovative , new ways of doing something that will increase your effectiveness and productivity. Doing things that heighten your creative juices . Getting others to complete your low-end tasks (cleaning, cooking, driving, laundry etc…). Identifying high productivity individuals and working with them. If you need help to get back in control of your business, reach out, I’m here to help. Changing lifetime work habits is hard to do by yourself. Most people need a coach to lock it in. Carl Spruyt – iKULUTU.com

Let’s be honest, we’re all guilty of wasting time on stuff that doesn’t really matter. As a Business Owner you can not afford to be distracted and lose focus on your big vision. It’s the old saying….”Time = Money”. So, if you are doing things that are holding you back then you have a real problem. Take the test. How many of the 7 biggest time wasters below are you doing EVERYDAY….? The 7 Biggest Time Wasters Most Business Owners Suffer From…. Doing things, you HATE doing Doing things you are NOT SKILLED at Doing things OTHER PEOPLE ask you to do Continuing to do something that has already TAKEN TWICE AS LONG as planned Stopping something and then planning to COME BACK to it Doing things where you need to rely on OTHERS THAT ARE UNRELIABLE Doing something THAT’S ALWAYS BEEN DONE THIS WAY If you need help getting off the time-wasting treadmill, reach out, I’m here to help. Changing lifetime work habits is hard to do by yourself. Most people need a coach to lock it in. Carl Spruyt – iKULUTU.com