What would it mean if you could save $15,000 for your business today?
That’s the conversation I’ve just had with a client.
He had this opportunity and it was going to cost him $35,000.
The problem was, he and his wife didn’t have $35K on hand to throw at it.
So we creatively made up a way that he could save $15K-$20K of that.
That’s halving his investment — and I’d like to share with you how to do that.
Bigger, Better, Faster
Alongside my wife Rebecca, Lead a Better Business supports couples in business to do things bigger, better, faster.
In our work with business owners, what we often find is that a lot of businesses come across a problem and they approach it from the way that they’ve been taught to.
There are certain rules that we believe we should follow as we go through life and in business.
And that ends up costing you money.
Where am I going to pull $35,000 from?!
So the situation that came up with a client was that they have an opportunity to go to this expo.
Heaps of their ideal customers will be there.
It’s run by a big business, and the big business is happy for them to provide their product to all of the businesses and organisations and franchises below them, and they’re on board with that.
To make it better for my client, they’ve said, well, you really need to be involved in the expo, show everybody your amazing product and have a big stand there.
So, my client got on the phone to a guy that’s he’s built a really good relationship with in this company, one of the head directors of Victorian Era and said, “What do I really need to do? What sort of stand do I need to get? How much money?….”
And the guy told him: ‘You need to get tickets to everything, and you need to do this… and this… and it’ll cost you about $25,000.’
On top of that $25,000 they also then had to factor in flights, accommodation, and other expenses which brought the total to $35,000.
My clients, who are a husband-and-wife team, said: “Wow, cash flow’s pretty tight at the moment; we’re in the middle of growth. Where are we going to pull $35,000 from?”
You know the problem — while they are growing they’re reinvesting back into business.
Take your thinking outside of the box
So what happens is they are inside a box, looking at how to solve the problem.
And the problem is — money comes in, money goes out, and at the moment the pool isn’t big enough for them to just throw the $35K at it and go ahead.
So do we do it or do we not do it?
When we sat down to work this through together I could see that this was an amazing opportunity that could be worth hundreds upon hundreds of thousands of dollars to them and their family.
It could be, over the next 12 months, a $500K deal.
Beyond that, it could be even bigger.
They are worried about the cash flow today because it’s there.
My advice: it’s not whether you should do it, it’s how you’re going to pull it off.
First up, they needed to be able to get that first $25,000.
Let’s have a think, I said, about who else could benefit from being at this expo and having a stand where all this traffic was going through.
During that discussion, they identified another product that they have where the producers would be really keen to get on board and be a part of that stand.
My client said: “Yeah, yeah, I was going to talk to him about the throwing some cash.”
My response was: “Throwing cash sounds like they’re doing you a favour. I would position this as an opportunity for them to showcase their business to all these people, and make it a package and show them what they get in terms of space, traffic, tickets to events, and make that equal $5,000 to $10,000. If it’s a package, if it’s a lump sum, they’re not doing you a favour, they’re doing it as a business opportunity for their business.”
They were really happy with that approach.
Next up, we took that even further.
I said, “Now, you probably need a stand don’t you?”
They’re like, “Yeah.”
“And every other exhibitor in that place would need a stand, wouldn’t they?”
“Yeah, yeah, yeah, yeah, yeah.”
“And they do these things regularly?”
“So therefore, somebody that could build your stand, could really benefit from being there as well?”
And they’re like, “Yes, and one of our best mates does that for a living, for Swiss, and companies around the world.”
I said: “Well, why don’t we put a package together to get the stand and he gets exposure and do this one at $8,000 to $10,000 as well, because there’s a higher market value for him and he can go and meet up with the stand holders, and get in with the big boys and benefit from that.”
They’re like, “Wow this is awesome!”
So they’ve ended up with potentially between $13,000 to $20,000 to put towards this.
Think smarter, save money!
The lesson here for all business owners is not to come to the table with the same old way of solving things.
We talk about this a lot with our key clients in Leaders Lab.
It’s also one of the big benefits of the coaching sessions I do with clients.
I get them thinking differently, challenge their norms or their expectations, and get them thinking outside of the box.
So here’s some homework for you: have a look at the biggest expense in your business in the next four weeks and consider how can you do that differently to save yourself some money.
If you want to have a chat about that expense together and work out a creative solution, I have a couple of spots available over the next couple of week. I’d love to help — when you’re ready, you can book in a time here.