CoolBalance - Squirrel POS Customizations

Squirrel POS customizations by CoolBalance Inc

Ready, Fire, Aim by Michael Masterson

Ready, Fire, Aim by Michael Masterson

Here’s what I learned from the book. I’m really most interested in Stage One, getting started or infancy. There is lot’s more in the book and I’d recommend reading it. You can pick it up from Amazon if you are interested. $0 to $100,000,000.00 in not time flat. That’s the promise of the book, and I think it delivers. </p> A blueprint for entrepreneurs and their ventures in 4 stages of growth. I’m interested in the first two stages.

  1. Infancy - zero to $1 million in revenue. The main problem is you don’t know what you’re doing. The challenge is making the first profitable sale. The opportunity is achieving the minimum critical mass of customers. Might also be measured by having from 0 to seven other executives. Need to
    1. Get things going
    2. Sell!
  2. Child Hood – $1 million to $10 million in revenue. The main problem is that you are only breaking even or may even be losing money. The challenge is creating many additional, profitable products quickly. The main opportunity is increasing cash flow and becoming profitable. Perhaps have 8 to 49 executives.
    1. Coming up with a constant stream of new and potentially tipping-point ideas When Fast Growth creates operational problems, improve processes. Simple understanding of accounting, just a few crucial numbers. Stage One: Infancy The supremacy of Selling. Marketing is needed to have sales. Spend 80% of your time on selling. Let the customer improve your product for you. Selling strategies.
  3. Compare to something else and show the deal (ie one just like this sold for $25,000 last week, you can have this one for $18,000). Suggestions:
  4. Don’t rush out to sign a lease
  5. figure out how to test your basic selling proposition
    1. rent tables at a flea-market?
    2. advertise on ebay, craigslist
    3. wholesale to retailers
    4. sponsor office/home parties to look at merchandise
    5. make deals with local restaurants to go table to table showing the product - and sharing profits on sales
  6. fine tune based upon feedback from the above personal selling Optimal Selling Strategy (OSS). How to sell to maximize return. It might not be the highest price, or the least cost per item, or the most units sold. It might be a combination. It might also mean finding other products to sell or upsell them with. Reference Where are my customers? Locating the Best Locations? What Product do you Sell them First? Market Elasticity. How do sales vary as the price varies? Also consider the Lifetime Net Value of the customer when setting the price of the initial sale. The power of comparisons. Selling siding, compared aluminum to oak (quality), aluminum has many advantages including a fraction of the cost. Mastering the Copy Side of Selling.

  7. The difference between wants and needs

  8. the difference between features and benefits.

  9. How to establish a unique selling proposition (USP) for your product. Make it some way better or seem better than the competition. Possible area are: faster service, better prices, superior quality, convenience, personal service, a better guarantee. Three aspects: The appearance of uniqueness, Usefulness, conceptual simplicity.

  10. How to sell the USP. Mentoring and being Mentored. Don’t be afraid to ask questions, even obvious questions. Have multiple mentors. Ask up, down, and sideways. Be appreciative to maintain the relationship. Make your own decisions and be responsible for them. Selling and Customer Service is the priority rather than setting income goals. You want to get the minimum number of qualified customers so you are profitable and stay in business.

  11. Don’t waste your time on corporate marketing.

  12. Don’t waste money on invisible (to your customers) business extas like office space, furnishings, equipment and the like.

  13. Don’t be misled by phony business experts.

  14. Be proud of your business acumen, but don’t be arrogant about your particular business ideas.

  15. Ask for advice from smart people.

  16. Don’t ever believe you know more than the market.

  17. Make sales your company’s top priority.

  18. Learn everything you can about sales and marketing.

  19. Discover the optimum selling strategy (OSS) for your business - the particular combination of media, pricing, and positioning that will bring you the most qualified customers.

  20. In determining your OSS, understand how pricing and other aspects of your offer affect sales.

  21. Give your marketing team one main goal: to bring in a certain number of qualified customers.

  22. If [possible, use direct mail or direct e0-mail to discover your optimum selling strategy.

  23. In testing price to determine your OSS, favor the downside.

  24. Don’t invest in a lot of inventory before you have figured out your OSS.


Jason Rakowski: Good Layout and design. I like your blog. I just added your RSS feed to my Google News Reader. . Jason Rakowski

Chris Tackett: Been reading for a while now. Just wanted to say good job. Chris Tackett

29 Mar 2008