Analyzing Profit Margins FAQs Part 2: Profitability

A company’s margin of profit is one of the most important indicators about its health.

In this second post, I share answers from my live video event including:

  • Which numbers should I be looking at?
  • What’s the difference between a Measure, Metric, and KPI?
  • Are “sales” and “profit” the same thing?
  • How do I expand without running out of cash?

This article also jumps into the topics of Transaction AvoidanceLottery Mentality, and self-sabotage as a business owner.

Watch part 2 of the recorded video here, or read the transcript below (including bonus content!)

Continue reading “Analyzing Profit Margins FAQs Part 2: Profitability”

Analyzing Profit Margins FAQs Part 1: Perceptions

Can our personal beliefs about money influence our company’s success?

How do our perceptions impact business decisions?

Why is the “Fake It Till You Make It” mindset dangerous?

I answer these questions—and much more—in my Live Facebook Video. Check out the recorded video here, or read the transcript below (including bonus content!)

Continue reading “Analyzing Profit Margins FAQs Part 1: Perceptions”

Why I Hate MLMs: My Story [Video]

Of the 10 kinds of business modelsMulti-Level Marketing (MLM) is one of the most predatory.

MLMs can cause people to get sucked into a system over which they have no control, power, or decision-making ability. Someone who joins an MLM is a contractor (also called a “consultant” or “distributor”) who agree to sell products or services. She or he is totally at the mercy of the parent company; they don’t have any say if things change.

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New Facebook Live Series on Business Vision, Profit Margin, and Niche Markets

LaConte Consulting announces 30-minute live videos to answer FAQs

VANCOUVER, WA, July 19, 2018—Business consultant Grace LaConte is hosting a 5-part series on business topics on the Facebook Live platform.

Each session will include answers to both live and write-in Frequently Asked Questions by business owners.

Continue reading “New Facebook Live Series on Business Vision, Profit Margin, and Niche Markets”

What is Transaction Avoidance Syndrome? Part 3 of 3

Part 1 | Part 2 | Part 3

Evaluating your own professional worth can be very difficult. As mentioned in previous posts, our underlying discomfort with transactions can cause us to make long-lasting mistakes.

Even outwardly “successful” business owners often struggle with Imposter Syndrome: the fear that eventually, someone will find out we were faking it all along. As a practitioner, you may feel uncomfortable discussing costs with your customers. You might wonder when you’ll get paid but take extreme measures to avoid discussing the topic of money.

These are all signs of Transaction Avoidance.

Practical Solutions

If you are having trouble charging what you’re worth, here are some tips:

Continue reading “What is Transaction Avoidance Syndrome? Part 3 of 3”

What is Transaction Avoidance Syndrome? Part 2 of 3

Part 1 | Part 2 | Part 3

A transaction is what happens at the end of a business exchange. The word comes from the Latin: trans- (“through”) and -agere (“to drive”).

As discussed in Part 1, many things can go wrong when we exchange payment for a service or product. A lot of us feel an underlying discomfort when we receive money.

This discomfort can look harmless at first. As a practitioner, you might spend “a few extra minutes” with each patient, or put off discussing payment options until the end of the visit. But the subconscious avoidance can have a very damaging effect on our business profitability.

Let’s take a look at why this happens.

Continue reading “What is Transaction Avoidance Syndrome? Part 2 of 3”

What is Transaction Avoidance Syndrome? Part 1 of 3

Part 1 | Part 2 | Part 3

Profitability is a huge problem that keeps many small businesses from growing. In an ideal sales process, here’s what happens:

  1. The customer becomes aware of a need.
  2. The customer determines what options exist by asking around, doing online searches, or walking into a store.
  3. The customer decides (perhaps with the help of a friendly sales rep) to invest in a particular service.
  4. The seller explains the investment that is needed for the service.
  5. The customer provides payment.
  6. The seller completes the service and makes sure the customer is satisfied.

Some companies wait until after the service is completed before they request payment.

Either way, a good transaction is based on trust: a strong belief that your initial problem will be fixed, and that the value you receive will exceed the cost you’re paying.

But sometimes, this process doesn’t go the way it should.

Continue reading “What is Transaction Avoidance Syndrome? Part 1 of 3”