We hear it all the time, successful people stick to it. They don’t give up. They try, try again. But sometimes in spite of all that effort, success is still elusive. What should you do? It may be time to abandon ship!
Click the player to listen to this episode of The BIGG Success podcast. Find the summary below.
In our last podcast, we said that persistence is the single most important ingredient for your success. If you persist long enough, you’re sure to succeed! However, you have to be smart about it. There are 4 signs it’s time to abandon ship – some are internal and external.
As inflation continues to grow, people are looking for answers on how to manage their money. A lot of influencers on social media are encouraging a practice called “cash stuffing.”
What is it, and is this a good trend to follow? That’s our focus today.
For example, some people are now sharing living space. More and more people are accepting the idea of having a roommate again by renting out a room to help pay bills.
There are a number of people who are out-of-work and looking to save money every way they can. “Necessity is the mother of invention” as we’ve heard.
Co-working
Another popular idea is sharing workspace. Freelancers across the country are creating co-working stations in their communities where they can share office facilities and other resources.
Instead of going it alone – signing a long-term lease, paying utility bills, buying office furnishings and equipment – they pay a fee and share space with other freelancers and entrepreneurs.
The spaces are usually nice and bright. They have a conference room and maybe even a full-time receptionist.
It’s not just about money. For freelancers who are starting to feel like loners, it gives them a chance for in-person human interaction during the day.
Sharing infrequently-used items
We started thinking about other ways to share. One example is a lawn mower. We only use our mowers once or twice a week. In our area of the world, we only use it for about half of the year. Would it make sense to share a mower with a neighbor?
As long as both people don’t feel the need to mow on the same day at the same time, it would probably work. There are issues – you have to both agree to take care of the mower and those sorts of things.
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This makes me think of my dad. If he owned something, he took really good care of it. If he used something that someone else owned, he took really, really, really good care of it!
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Sharing for fun
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I had an event coming up and I didn’t know when I would find time to go shopping. I told one of my girlfriends about it. She said that she had the perfect dress. We went over to her house and, sure enough, she did!
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I needed a pressure washer to do some clean up around the house. I told one of my friends that I needed to go rent one. It turned out that he had one that he let me use for the weekend.
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Just so we don’t give the wrong impression, we also share our stuff with our friends!
A fun way to share
Since we like to do everything in a bigg way, let’s ramp up this idea of sharing more. Why not organize an event with a group of your closest friends?
Hop from house to house. If you want, you can have appetizers or organize a full meal as part of the activities. You can do it all in one day or create a series – this month at our house, next month at yours.
At each house, let the host show off the wares that he or she is willing to share.
It could be a Fashion Show – from clothes to accessories. Try them on if you want. Parade around. Show them off.
Or a Home Show … from power tools to hand tools. Test them out. Complete a project together. It’s your show; do what you want.
You could have a Home Entertainment Show. Show off DVDs, books and Wii accessories.
You can all see what each person in your group has to share. Then the next time you need that certain something, you won’t have to go out and buy it – you’ll know Joe or Jane has it.
This is a fun way to spend some time with your close friends. You’ll find that it will spark a lot of fun conversation and you’ll learn more about each other.
It’s also a creative way to save some money by pooling resources. That’s a bigg idea!
What have you shared with your friends?
Please share that with us by leaving a comment below, calling us at 877.988.BIGG or sending us an e-mail at bigginfo@biggsuccess.com.
We thank you so much for sharing some of your valuable time with us today!
Recent research shows that, even before the recent decline in stocks and homes, the rich weren’t getting richer. Please join us next time when we discuss why.
We’ve heard that diagnosing a medical condition early greatly increases the chances of successful treatment. The same is true for our businesses – we want to spot the minor issues so they don’t become major problems.
Cash to a business is like blood to our bodies. It has to continue flowing or we won’t survive. As a small business owner, the bottom line is that you can’t run out of cash. So you have to know how to diagnose and treat the source of the ailment before it spreads. With that in mind, here are ten signs that your business may be heading for trouble:
#1 – Lost market share
Your sales may be growing, but your share of the market may be falling. Are they up because you’ve increased prices? Is the growth of your sales keeping pace with the growth of the markets you serve?
Market share is precious – among other things, it provides leverage to raise prices as your costs increase. As competitors enter your market, you have to work even harder to maintain (and hopefully increase) your share.
#2 – Declining customer counts
Your sales may be holding steady, but fewer and fewer people are making purchases. Your remaining customers are spending more, possibly because of price increases. There’s nothing wrong with that, but you have to find a way to attract new customers because a certain amount of customer attrition is natural.
We don’t want our customers to leave because they’re unhappy. But you can’t make everyone happy all the time so even that will happen. We’ll also have customers move away, pass away, grow out of our product or service, and the like.
#3 – Low repeat and referral business
Many businesses actually lose money to get a customer for the first-time. If they break-even, they’re very happy. It’s the follow-up purchases that make a difference to our bottom line.
A healthy percentage of repeat and referral business also shows that your product or service is still meeting the needs of a core base of people. And these people are the ones who will refer other people to you, which is much less expensive than depending totally on advertising to grow your business.
#4 – Declining sales
Right now, a lot of businesses are experiencing this. It may have nothing to do with you – it may be your industry that is experiencing trouble. So you have to ask yourself … is this a long-term trend or is it cyclical? That’s the first thing you have to determine.
Next, ask yourself, will my industry recover? Some industries were facing challenges even before this recession. It’s only accelerating the long-term trend. Other industries will do just fine coming out of it. You have to know which one applies to you.
Once you’re satisfied that your industry will survive, you have to look at your own business. A lot of shake-out is happening even in healthy industries. Isolate whether it’s a problem with your business or the industry as a whole to know your best strategy.
#5 – Disproportionate sales to a small group of customers
Picture this extreme situation – all of your sales come from one customer. You’re totally at the mercy of that customer. It’s like being an employee without the safeguards that go with employment!
Generally speaking, if more than ten percent of your sales are to one customer, you may face trouble at some point. Five percent is even better. Bigg customers are great. But serving a bigg number of customers leads to bigg success.
Thank you for reading our post today. Join us next time when we talk about five more early warning signs of trouble ahead in your business. Until then, here’s to your bigg success!
In days gone by, mattress stuffers hid all their money somewhere in or around their home – in the backyard, in cans, between the pages of books, in the walls, in a cookie jar, and even under a removable section of floorboards.
A recent article in the Wall Street Journal talked about the new generation of mattress stuffers. People increasingly don’t trust anyone or anything, a response to falling home prices, crashing stock prices, bank troubles, and government ineptitude.
It’s something we don’t talk about much, but an increasing number of people are taking matters into their own hands to prepare for the next crash. Needless to say, these people aren’t optimists!
They’re pulling their money out of the stock market and stuffing their mattresses the 21st century way.
Stuffing money in treasuries
Instead of actually stuffing cash into their mattresses, they’re buying treasury bills, the safest of all investments. Most financial experts refer to these and other treasury securities as risk-free investments.
Stuffing money in gold
New generation mattress stuffers are also buying gold coins in record amounts. You may have noticed an increase in the number of ads on TV about gold. This flight to safety has been evident after just about every financial crisis, as people return to the gold standard.
Who is primarily driving this trend?
Many baby boomers have taken a huge hit to their portfolios just as they near retirement. They are the driving force behind this trend because they don’t have time to recover from the recent stock market losses before they retire.
If you’re not close to retiring, it’s crucial to think clearly about this new mattress stuffing strategy. There are definitely some pros and cons.
Pro: We should own a well-diversified portfolio. Experts tell us to diversify, diversify, diversify. Typically, the more diversified we are, the better. A diversified portfolio might include stocks, bonds including treasuries, real estate, and perhaps some commodities like gold. Diversification generally delivers the best return given the overall risk.
Pro: Treasuries should be part of most diversified portfolios. Until recently, a lot of people found treasuries kind of boring because they didn’t deliver enough return. That’s because they aren’t considered risky at all, which is also why they are an essential component of a fully diversified portfolio.
Pro: Gold may also be a wise investment as a small part of a diversified portfolio. Gold and other tangible assets usually perform best in times of high inflation. So gold can serve as “insurance” against such times. The reason that people often flock to gold in times like these is that, historically, it has been an acceptable way to pay for things.
Con: If you put all of your assets in treasuries, your returns will be much lower. This lower return is not unjustified. After all, you’re investing in an asset that’s considered to be risk-free. The problem with this strategy is that you may not end up with as much money as you need for your retirement.
Con: It’s dangerous to put a significant percentage of your assets into gold coins. If experts recommend gold at all (and many more are these days) as part of your portfolio, most suggest keeping it to around five percent of your total assets. Unlike treasuries, gold carries risk – its price goes up and down. One other tidbit – gold has underperformed most other assets historically.
Con: There’s no cash flow with gold. Treasuries pay interest at regular intervals. You don’t earn any money on a gold bar or a gold coin. The only way to make money by holding gold is to sell it at a price higher than what you paid for it.
Next time, we’ll take this discussion a step further. We’ll apply some real world numbers to help you with your diversification decisions.
We are so thankful that you took the time to read our post today. Until next time, here’s to your bigg success!
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Our parents taught us to share. It was part of being a good little boy or girl. The economy is reminding us adults about the value of sharing. 
This makes me think of my dad. If he owned something, he took really good care of it. If he used something that someone else owned, he took really, really, really good care of it! 
I had an event coming up and I didn’t know when I would find time to go shopping. I told one of my girlfriends about it. She said that she had the perfect dress. We went over to her house and, sure enough, she did! 
We’ve heard that diagnosing a medical condition early greatly increases the chances of successful treatment. The same is true for our businesses – we want to spot the minor issues so they don’t become major problems. 
In days gone by, mattress stuffers hid all their money somewhere in or around their home – in the backyard, in cans, between the pages of books, in the walls, in a cookie jar, and even under a removable section of floorboards.