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Cash Management & Merchant Services Ryan
CASH MANAGEMENT & MERCHANT SERVICES
It Does Exist…An Investment that Gets You Instant Results…But For Some Reason…It Still Remains a Secret to Many Small Business Owners…
Good, but Not Great…
My business was doing alright, but it wasn’t where I wanted it to be.
I was finally making a profit and having cash to live off of….. But I still had a ways to go before I reached the “enjoyable” point.
At first, I felt terrible for even thinking like this.
I knew how many businesses failed right away, and I told myself that I should be grateful for making it this far.
Now, don’t get me wrong, I was definitely grateful…..but I just didn’t feel like an established business owner yet.
I’d mention this to my friends when they asked how business was going, and they’d always come back with the same question:
“Well, how do you define an established business owner?”
At that time, I never had a good answer. It wasn’t a milestone I knew how to measure, or a milestone I’d ever reached, so I told them I’d know when I got there.
They’d respond with a laugh and joke about how I’ll always be the guy that’s never satisfied. How I’d have 7 yachts and keep working because I didn’t have 8, how I’d have 9 houses and keep working because I didn’t have 10…. You get the hint – they threw me in the stereotypical “wolf” pool.
The “wolf” pool that’s always hungry, and never satisfied.
I’d laugh because I knew exactly why they thought this, but at the same time, I was able to shrug it off. They’d never been in business, and they didn’t know what it felt like.
Sure, unlimited cash and 10 houses would be nice – but that’s not what I was striving for.
I was striving for something else. Something not as sexy as 10 houses, but something that I thought would be a lot more rewarding….. Financial security for me and my family.
I started this business for a lot of reasons, but that’s really what it all boiled down to.
I made a decent salary at my last job, but it never gave me the unlimited potential.
The unlimited potential to retire early and send my kids through college without any debt.
I still hadn’t lost focus of this goal, but there was only one problem…. I didn’t know how to reach this point.
As you know, the initial stages of business are….. Tough? Ridiculous? Insane… Yeah, let’s stick with insane.
As the old saying goes, only entrepreneurs are crazy enough to work 80-hour weeks to escape a 40-hour workweek.
But, as bad as it sucked, I still found a way to make it through this stage.
It took a little bit of planning, a little bit of luck, and a WHOLE LOT OF RESILIENCE.
And after I made it through this stage, I found a new level of confidence.
I’d just climbed the largest mental barrier in business, and if I could tackle that barrier – I could tackle any barrier.
I figured business was all downhill from here.
And I continued to believe this until I discovered this new plateau…. The plateau of getting to the next level….. The next level that’d make me feel like an established owner.
From a mental standpoint, I still think this barrier is a lot easier to get through. The stress levels are a lot lower and there isn’t a lot of pressure, but at the same time – it is a lot more complex.
I think a resilient attitude is always needed in business, but it takes more to get through this stage – you also need smart business moves.
And that’s where the disconnect came.
I had an idea of where I wanted to be, but I didn’t really know how I could get there.
I knew I needed more cash to grow, but I didn’t want to take on more debt to get this cash.
I already had debt from some startup costs, and I wanted to get that paid off, or at least be 100% sure it would be beneficial, before I took out more debt.
And that’s the dilemma that stopped my growth.
I couldn’t convince myself that it would be beneficial, and my old debt wasn’t going to be paid off for another 3 years, so I took the safe route and accepted this current level of business until then.
It’d just give me more time to plan and it’s not like I was living a terrible life – so I could (reluctantly) handle this for 3 more years.
The Electrician that Changed My Life….
And I did just that for a few months, until one day when I received amazing advice from our Electrician.
I was already in a bad mood from having to work on a Saturday morning, and as icing on the cake, I had to call one of our constant late payers. He owed us a large amount of cash, and I needed this payment before I could buy materials.
I called him up, and after listening to the normal “sorry, it slipped my mind… I’ll drop it off today” speech, I thanked him and hung up the phone.
As I turned around to look out the window, I saw the electrician pull up.
We were having trouble with our outlets, and Tim was a good friend of mine that was always willing to come out on short notice.
I tried to put on a fake smile when I greeted him at the door, but Tim could see right through it.
Not really, the usual…. Tracking down customers who don’t want to pay.
After a quick laugh, Tim responded – “It’s annoying isn’t it? They want you to complete the service in no time, but then they want to take 60 days to pay for it. I used to be in your shoes, but now I let someone else take care of this”.
I didn’t think of it much at the time, but as I’d soon learn, this was a statement that changed my life.
After finishing up my conversation with Tim, I jumped in my car and left for the day…. And as I got on the road, I started to think about Tim’s statement.
I’ve always admired Tim’s attitude, but I never dug into why he was so happy all the time.
I figured it was just his personality, but after that conversation, I started to wonder if it was something else, like his business skills, that kept the stress away….
And I thought about it so much, that I couldn’t help but call Tim first thing on Monday morning.
Learning How to Grow (the Good Way)……
“Did I mess something up?”
There it is, even on a Monday morning, the morning that NOBODY is in a good mood – Tim somehow found a way.
After a laugh and a few seconds of small talk, I jumped right into my point – “Tim, I just want to know who manages your receivables, and if you think I could benefit from it?”
“Absolutely, I think anyone with invoices can benefit from it. I can’t remember the company name who does it now, but I’ll send you the contact number for the guy that helped me out. He made the process easy and got me into exactly what I needed. I used to think I just needed to work more, but after hitting the burnout stage, I realized that I could work less hours for more pay…. Isn’t that something?”
Less hours and more pay? I was sold… and also shocked.
How could someone work less hours but be more productive? The math just doesn’t add up.
But at the same time, I’ve never been good at math, so I threw that logic out the window and called the number Tim gave me.
And not even 10 minutes later, I had a much better understanding of what Tim meant.
I’d heard what professional services charge per hour in the past, and I always thought the pricing was a joke. I didn’t think I could afford it, and I didn’t want to bother with it.
But after speaking with Tim’s Consultant, I discovered that the hourly price wasn’t the problem – it was the train of thought that’s stuck in our minds.
I looked at their pricing and tell myself that I’d rather charge myself that much, but that did nothing but prevent me from looking at the bigger picture.
The bigger picture that made me realize what I could accomplish if I didn’t have to worry about these tasks, and not just from a time standpoint.
But also from an energy, sales, and the best part… a Cash standpoint.
Couldn’t Be Happier….
Life After Success
Now, instead of constantly worrying about when I need to call Ben to collect, I have a team that takes care of this for me.
They’re friendly and professional, but Ben knows they’ll always be around.
This saves me a lot of energy and allows me to focus more on sales and growing….. But it’s also increased my bank account….. WITHOUT any debt.
How? They speed up the sales cycle, and that’s allowed me to get more revenue.
With every sales cycle, we get more cash, and the process keeps getting better and better.
It’s allowed me to grow at a careful rate, but also allowed me to grow without additional debt.
And as I continued to grow, Tim’s consultant started to help us in other important areas, important areas that I didn’t think of – like payroll or being able to accept credit cards (a major help for faster collection).
I’ve never considered payroll to be difficult, but I’ve never considered it to be exciting either – just chalked it up to a necessary evil.
But as I thought about it, this necessary evil did take time and energy – especially when I had to file those quarterly statements.
6 months ago I would have laughed this off as an unnecessary expense, but today, I look at this as one of my best investments.
I’ve realized that it only takes one new client every two months to pay for these outsourced tasks…. and trust me, I could take a few months off and still have an ROI on this investment.
This is something I wish I would have learned earlier, and that’s why I wanted to tell you about this alternative that very few business owners know about.
INTRODUCING CASH MANAGEMENT AND MERCHANT SERVICES, The Investment With Instant Results… but Still Remains a Secret to Many Small Business Owners….
Now, if you’re anything like me, you’re probably asking yourself – “it sounds nice, but is this really for me?”
And my answer? Maybe.
Every situation is different, but it’s most helpful for businesses, or business owners, who:
Aren’t growing because they don’t have the time or cash flow, even if they’ve been in business for awhile….
Would like to increase their cash flow without additional debt….
Are starting to feel overwhelmed by simple tasks, a sure sign of too much stress…
Are willing to spend more money, IF and ONLY IF, it makes them more money (ROI DRIVEN)….
Or even businesses that are ready to grow, and don’t want to worry about administrative tasks as they do….
And the crazy part? The more I think about it, the more I realize how helpful Tim’s Consultant was.
He didn’t just facilitate a product for us, he did so in a way that fits our needs — and in a way that benefits us the most.
It’s like he actually wanted what was best for us, not him, or the bank.
As a Small Business owner, you realize how uncommon it is to find a solution that’s ACTUALLY low-risk and high-reward.
Most product or service providers I’ve worked with in the past always required a large upfront payment or deposit – putting you at-risk and hoping for the best.
But Tim’s Consultant worked differently. His services required little commitment…. And in some cases, absolutely no risk.
How? Well, unlike debt or hiring new employees, these solutions can be structured to avoid any contracts or commitments – stopping them at any time.
And the pay structure is beneficial to you, too.
Each service can be customized to fit your specific needs, but in some cases – these services are completed at a fixed monthly price…. So you know exactly what you’ll pay and avoid any hourly billing surprises.
In other cases, like credit card processing, you only pay when you use it.
And even if you do pay, it’s generally less than what you pay for your lunch – which is ironic, because without this excess cash flow… lunch can be hard to pay for anyway.
It changed my business, and if you think it can help yours, it only takes 3 minutes to get the process started…
P.S. Even if you’re not looking for a complete overhaul, please don’t hesitate to contact the Red Door Capital Group. I started with invoice collection services, and then expanded to other areas….. but I’d never be this far without that first step….