Reviews for Friedens Church at the Little Schuylkill: A History of the Congregation and Community

The average rating for Friedens Church at the Little Schuylkill: A History of the Congregation and Community based on 2 reviews is 3 stars.

Review # 1 was written on 2015-05-10 00:00:00 Cheryl Assaid This easy-to-read book covers roughly the same ground as "The e-Myth" but has a bit more detail that made it more useful to me as I build process and turn my work into something that can live without me. I'm naturally cynical of these just so stories, but I like to have an arsenal of stories from which I can pick a technique to use at any point in time. Here are the tips from the book, which is structured as "guru helps novice to get shit together and build business sustainably": 1. Don’t generalize; specialize. If you focus on doing one thing well and hire specialists in that area, the quality of your work will improve and you will stand out among your competitors. 2. Relying too heavily on one client is risky and will turn off potential buyers. Make sure that no one client makes up more than 15 percent of your revenue. 3. Owning a process makes it easier to pitch and puts you in control. Be clear about what you’re selling, and potential customers will be more likely to buy your product. 4. Don’t become synonymous with your company. If buyers aren’t confident that your business can run without you in charge, they won’t make their best offer. 5. Avoid the cash suck. Once you’ve standardized your service, charge up front or use progress billing to create a positive cash flow cycle. 6. Don’t be afraid to say no to projects. Prove that you’re serious about specialization by turning down work that falls outside your area of expertise. The more people you say no to, the more referrals you’ll get to people who need your product or service. 7. Take some time to figure out how many pipeline prospects will likely lead to sales. This number will become essential when you go to sell because it allows the buyer to estimate the size of the market opportunity. 8. Two sales reps are always better than one. Usually naturally competitive types, sales reps will try to outdo each other. And having two on staff will prove to a buyer that you have a scalable sales model, not just one good sales rep. 9. Hire people who are good at selling products, not services. These people will be better able to figure out how your product can meet a client’s needs rather than agreeing to customize your offering to fit what the client wants. 10. Ignore your profit-and-loss statement in the year you make the switch to a standardized offering even if it means you and your employees will have to forgo a bonus that year. As long as your cash flow remains consistent and strong, you’ll be back in the black in no time. 11. You need at least two years of financial statements reflecting your use of the standardized offering model before you sell your company. 12. Build a management team and offer them a long-term incentive plan that rewards their personal performance and loyalty. 13. Find an adviser for whom you will be neither their largest nor their smallest client. Make sure they know your industry. 14. Avoid an adviser who offers to broker a discussion with a single client. You want to ensure there is competition for your business and avoid being used as a pawn for your adviser to curry favor with his or her best client. 15. Think big. Write a three-year business plan that paints a picture of what is possible for your business. Remember, the company that acquires you will have more resources for you to accelerate your growth. 16. If you want to be a sellable, product-oriented business, you need to use the language of one. Change words like “clients” to “customers” and “firm” to “business.” Rid your Web site and customerfacing communications of any references that reveal you used to be a generic service business. 17. Don’t issue stock options to retain key employees after an acquisition. Instead, use a simple stay bonus that offers the members of your management team a cash reward if you sell your company. Pay the reward in two or more installments only to those who stay so that you ensure your key staff stays on through the transition.

Review # 2 was written on 2014-07-01 00:00:00 Ed Damptz Here is what I got out of this book: Step 1-4 focus on building value. 5-8 on selling the company. 1. Isolate a product with potential to scale. - Specific offering. Not customizable. - Develop a sales pitch for your product 2. Create a positive cash flow cycle - Subscriptions - Make sure no one customer makes up more than 15% of your revenue. 3. Hire a sales team - Remove yourself from selling the product - Hire 2 sales employees. They are competitive “Your job as an entrepreneur is to hire salespeople to sell your products and services so you can spend your time selling your company.” 4. Stop selling everything else “Business owners often believe that to be “customer centric,” they have to give customers whatever they want. But giving customers too much choice can be a detriment, especially if you’re trying to build a company you can scale and ultimately sell.” - Customization kills scalability - Lead your customers. Do not follow. Do not be afraid to end the business relationship if they don't like your standard product. 5. Launch a long term incentive plan for managers - Prove your managers can run the company and will stick around. Not equity. 6. Find a broker - Must be able to answer: “Describe your sales cycle.” “How many salespeople do you have?” “Describe your cash flow cycle.” “Who are your customers?” “How do you know if they are satisfied?” “How often do they repurchase?” 7. Tell your management team - Offer bonus when company sells 8. Convert offers to a binding deal - Beware of earn-outs Now for the hard part, putting these ideas into action.