Lee Duncan
/leeduncan
Author of Double Your Business from Financial Times Publishing. I write about the mindset and methods to grow businesses from ~£100k to £2-£5m.
Lee Duncan
4y ago
🙅♂️ Small business advertising sucks.
I’m the author of Double Your Business from Financial Times Publishing.
Here are 6 big failures of small biz ads, and tips to fix them 👇
Failure #1: Putting your business or product name in the biggest letters.
The top of your advert is for a headline.
Here are 10 formulas to write terrific headlines:
https://twitter.com/jmoserr/status/1407346640206303242?s=20&t=K_QkKH0vMESryWvNW8PZrg
Failure #2: Losing them by being boring.
Make an effort to keep your readers with a powerful start to your post.
Make it impossible for them to tear their eyes away from your ads:
https://twitter.com/IAmRobGee/status/1529477752168058882?s=20&t=K_QkKH0vMESryWvNW8PZrg
Failure #3: Writing like an engineer.
The jargon of your industry is a foreign language to your customers.
Keep your sprockets ⚙️ and limited split diffs 🛠 to yourself.
Here’s how to simplify your writing without losing credibility
https://twitter.com/HennekeD/status/1484527966877069312?s=20&t=K_QkKH0vMESryWvNW8PZrg
Failure #4: Not listing the benefits of your product.
Nobody wants to buy a drill, they want to make holes.
✅ Benefits are the reasons people buy.
The better they are, the more you sell.
Explain them in the most powerful way possible:
https://twitter.com/giannicara/status/1527015847318921217?s=20&t=K_QkKH0vMESryWvNW8PZrg
Failure #5: Not answering all their questions.
Your customers have lots of questions before they’re ready to buy.
Learn some of the best from a Brazilian who sold over $170m with his writing:
https://twitter.com/adyslexicwriter/status/1529845128231264256?s=20&t=K_QkKH0vMESryWvNW8PZrg
Failure #6: Diabolical (or Missing) Call To Action:
The purpose of every advert is to move the reader closer to becoming a customer...
Download a guide
Call for a quote
Tell a friend
TL;DR - 6 tips that will change the way you write ads for your local business
• Write a headline, not your company name
• Start off interesting
• Use plain language
• Give reasons to buy
• Answer all their questions
If you found this thread valuable:
1. Follow @Lee_Duncan for more threads on making your local business grow
2. Here’s another useful post about getting the most out of your staff as a local business owner: https://twitter.com/Lee_Duncan/status/1522537031926259712
Lee Duncan
4y ago
Mastering your thoughts helps your business to grow massively.
Especially during a recession.
But most entrepreneurs don’t get told this.
I’m the author of the Financial Times Publishing book, Double Your Business.
And here are 3 profitable reasons to stay positive 🧵👇
Reason #1: Businesses grow faster in recessions.
Average growth - around 5% per year - is not enough to outrun the current economy.
You need to go faster. Hypergrowth is a smart goal: 8x faster than average (or more).
So strap a rocket to your business and outrun inflation.
You create hypergrowth by developing all of the elements for your business to thrive.
Great marketing to produce more enquiries and opportunities.
More effective selling.
Strong leadership.
Terrific service.
An iron grip on your finances.
More efficient operations to increase productivity
A clear direction to steer your business and the mindset to stay on course
Your business can become stronger.
Start with the decision to do a lot more than just surviving.
Reason #2: Your Competitors Will Reduce Their Efforts
Average business owners are your competitors.
They think a bad economy is hopeless.
Their heads drop and all they hope for is to get through to the other side.
They live week to week, month to month.
If they dared to look up, they would see opportunity.
They would push harder and win more business.
So - keep your head up and be strong.
Reason 3: Focus On What You Can Control
Average business owners watch the news.
They absorb the negativity of the energy vampires around them.
And become anxious for their future.
You cannot do anything about the news.
But you can take action to get more customers, to increase your profit margins, and to protect your business.
Hypergrowth business owners focus on what they can control, not what they can't.
Write down one action you can take this week to improve your business.
What if you did just one valuable extra thing each week to strengthen your business?
Now is the time to double-down. To decide to make your business into what it is meant to become.
TL;DR - Advice to achieve hypergrowth during a downturn
• Average growth loses against inflation
• Hypergrowth smashes inflation
• Your competitors’ heads are down
• Avoid the news and energy vampires
• Focus on taking action
If you found this thread valuable:
1. Follow me for more threads on small business hypergrowth → @Lee_Duncan
2. Here’s a thread about the 8 habits of hypergrowth you might enjoy: https://twitter.com/lee_duncan/status/1524723085605228544?s=21&t=Abl6sak6xBM93rG2ef40tw
Lee Duncan
4y ago
It's no secret that poor cash flow badly affects your...
- Business’s chance of survival
- Productivity
- Sleep and anxiety levels
Running out of cash is the #1 reason for business failures.
Here are the big 9 reasons for cash flow problems - and how to fix them...
🧵👇
Cash-flow Problem #1: Not Selling Enough
Simple maths of survival. Sales must exceed costs.
In this situation...
1. Aggressively cut costs
2. Protect your margins
3. Put effort into self-proven marketing and sales.
Cash-flow Problem #2: Poor Credit Control
Money runs out fast when you don’t get paid on time.
Fix it by…
Invoice asap
Create a process for credit control
Automate wherever possible
Withhold service/goods for late payers
Make repeat offenders prepay
Cash-flow Problem #3: Too Many Bad Debts
Bad debts are from people unlikely to ever pay.
Stop supplying
Chase frequently
Go legal
Avoid with better credit control
Credit check new customers
Cash-flow Problem #4: Too Much Stock
Too much stock is a liability, not an asset. You can’t spend cash tied up in stock.
Promote it and get rid
Hold a ‘fire sale’ to create urgency
Sell for whatever you can get
Some cash is better than piles of outdated product
Cash-flow Problem #5: Not Enough Working Capital
Long projects mean you can run out of cash before you finish a profitable job.
Set payment terms that work in stages
Charge ahead for materials
Avoid overstocking
Maintain a cash flow forecast
Cashflow Problem #6: Expensive Borrowing
Big interest payments, or big capital repayments, blow big holes in cash flow, too.
Refinance or negotiate better terms for more affordable borrowing.
Cashflow Problem #7: Staff Theft
Far more common than you’d believe.
Prevent or catch it early by…
Get control of your numbers
Understand where money and stock is going
Know when and where the money flows
Reconcile cash and transactions
Don’t delegate spending
Cashflow Problem #8: Weak Business Model
If your business barely makes a profit, cash flow will always be a struggle.
Calculate your breakeven sales
Find a more profitable way to do business
Cashflow Problem #9: Overstaffed
Some businesses hire extra staff to ‘improve service’.
Don’t get caught in this emotional trap.
Calculate sales revenues ➗ employees
Set a minimum sales turnover per employee
Same for profit
Focus on productivity per employee
9 common reasons a business hits cash flow problems…
TL;DR
1. Weak sales
2. Credit control
3. Bad debt
4. Overstock
5. Working capital
6. Borrowing
7. Theft
8. Business model
9. Overstaffing
If you found this thread valuable:
1. Toss me a follow for more threads on small business hypergrowth → @Lee_Duncan
2. Here’s another thread about winning habits of entrepreneurs you might enjoy: https://twitter.com/lee_duncan/status/1524719322500849666?s=21&t=Xgs0EgDI5vjvAxs87u2yAw
Lee Duncan
Small Business Hypergrowth
4y ago
I’m the author of Double Your Business from Financial TImes Publishing, and my clients typically grow sales by 40% or more per year.
The fastest grow by 100% or more, but what makes them so special?
These 8 hypergrowth habits: I see them in every single one.
🧵👇
#ship30for30
Before we get going - know that these people:
Are no smarter
Don’t work longer hours
Are not luckier
Don’t start off richer
Than anybody else. It’s their habits that are different. Which means you can do it, too.👇
Habit #1: Focus like you’re on a mission.
Have a goal and ignore distractions.
Here’s how
Make your goal your mission
Stick to the plan
No other businesses or projects on the way
Don’t deviate when things get tough - get help
Habit #2: Implement Fast
They always get done what they agree to get done.
Do the same…
Get organised and be highly productive
Carve out time to drive things forwards
Make growth your #1 personal priority
Habit #3: Set High Standards
They set the bar high for their service.
Do the same…
Write down your standards
Treat them as red lines
Never cross a red line yourself - that’s leadership
Don’t let your staff cross the red lines
Habit #4: Consistency - No Excuses
Even on bad days, they turn up and do the work.
Do the same…
Never “I don’t feel like it today”
No more “I can’t be bothered”
Imagine you’re an athlete training for the Olympics
Show up for your business every day
Commit
Habit #5: Resilience
They don’t take problems personally. They get up from the knocks and carry on.
Do the same when things go wrong…
Take a few slow, deep breaths
Accept what has happened
Focus on what you can or must do
Get on with it
Habit #6: Calm In A Crisis
Whether it’s the pandemic or losing half your sales, hypergrowth business owners stay calm no matter what.
To do the same:
Develop your resilience
Have a disaster plan in mind
Be a rock for your staff
Take decisive action
Habit #7: Feed Your Brain
The fastest growth business owners don’t watch the news, they can’t influence it and it just drags you down.
Feed your mind instead
Books
Audiobooks
Podcasts
Positive hobbies
Habit #8: Make Decisions Rationally
Knowledge and logic make good decisions.
Here’s how…
Measure what matters
Learn from experts
Analyse data to diagnose underlying problems
Make decisions based on knowledge
ignore ‘tips’ from well-meaning friends
Extreme success can be boiled down to one sentence, really…
Extraordinary results are produced when you do ordinary things with extraordinary consistency.
It’s not difficult to do it for a day. But how about for a year, or 5 years?
TL;DR - 8 habits that will help you to have a stronger business, be a more confident entrepreneur and double your business in 12 months…
• Mission Focus
• Implement Faster
• High Standards
• No Excuses
• Resilience
• Calm in Crisis
• Feed your Brain
• Rational Decisions
If you found this thread valuable:
1. Toss me a follow for more threads on small business hypergrowth → @Lee_Duncan
2. Here’s another similar thread you might enjoy: https://twitter.com/lee_duncan/status/1522096735170043908?s=21&t=Al4deDoNhVr8hwblfw3Jmw