Cold Scale with @KenneyConwell
Kenney Conwell talks scaling your business and scoring big !
Ludovici : What would you say the purpose of money is ?
Kenney : Money, cash flow, credit is all the same. It’s a tool to generate value and amplify who you are or what you do.
Ludovici : Why is it important to score in life and in business ?
Kenney : Having good credit and good business credit is the key to scoring. It’s important because S.C.O.R.E allows you to SAVE on interest rates and no down payments. You’re able to generate CAPITAL from banks and government grants/loans. The better the credit, the more income you can create, the more OPPORTUNITIES you’ll have available to you, and the more REACH you’ll have. The EDUCATION is crucial because great CEOs are lazy so the more you know the less you physically work.
Ludovici : After you’re able to S.C.O.R.E where do you turn your focus ?
Kenney : Your focus should immediately go to the backend. Cash is trash but cash flow is king. Now is the time to focus on your client and their lifetime value to keep them coming back. You build upon your product and customer service so people will stay with you longer. Always service your customer. Give them payment plans if needed and have great billing systems. If it’s easy for them to pay and you have a great product you won’t have to worry about them canceling. Make sure to always be listening and iterating to your clients. Marketing and sales are just as important on the backend as they are the front end.
Ludovici : Does your product have to be perfect before you considering scaling ?
Kenney : No. IPhone didn’t start out with the Iphone 12. Put it out, listen to the feedback, and make modifications as you go. Take ownership of whatever is wrong with the product and make the correct adjustments.
Ludovici : Exactly how do you scale and when ?
Kenney : STRUCTURE your business. Make it a legal entity registered with an agent. Have good marketing, sales, a website, 411 listing, a Duns number, and use Nav to access your credit report. Reinvest your CASHFLOW back into your business. Once you are up to $10k per month create a standard operating procedure so you can hire people in sales or operations to remove yourself from the business. Make your products/services an ASSET so they can be leveraged. You do this by creating systems, building teams, and funnels. LEVERAGE your relationships, conversations, interactions. Your SOP (standard operating procedures) are leverage. Billing automation is leverage. Then you EXECUTE. Take immediate action on a daily basis. Focus on the most important thing(s) that will move the needle forward in your business which is usually your customers biggest problem, creating a really good product, an excellent sales process/funnel, and superb customer service. Eliminate distractions. Plan for tomorrow, today. Don’t be busy and broke but focus and have money.
Wow, if you want to build your net worth and get $250k worth of business credit connect with Kenney Conwell on IG @kenneyconwell !