Why Every Coach Should Drip and Smooth - a podcast by Jos Willard

One of the biggest challenges that most small businesses deal with, especially those micro-service-based businesses - like a coaching practice - is the roller coaster, peak, and trough, cyclical nature of sales. The peaks and valleys are otherwise known as ‘feast or famine.’ Basically, sometimes you're selling like gangbusters with lots of income coming in, and other times you've got no new revenue at all. There are a lot of theories, stated facts, and reasons for why this happens, but fundamentally, it comes down to two things: your client acquisition process isn't dialed in or you don't know how to manage your cash flow.

On today's episode, we're talking about the drip and smooth technique for managing your sales cycle and how these two simple tools can help you create space, buy time, and remove a whole lot of stress. I explain what a ‘drip account’ and a ‘smooth account’ are and how they will help you treat the symptoms of a ‘rollercoaster’ sales cycle, improve your revenue, and discover when your coaching business is becoming more profitable. I also discuss the challenges many coaches experience with a ‘pay-in-full, deliver over time’ business model and how this model often leads us deeper into the feast or famine cycle.

“It's not a bad thing to realize that you've become profitable.” - Jos Willard

This week on Profit for Coaches:

• The two primary reasons many coaches experience ‘feast or famine’ sales cycles
• What ‘drip accounts’ and ‘smooth accounts’ are
• The true nature of the ‘pay-in-full, deliver overtime’ business model
• Managing your cash flow effectively with a drip account and spreadsheet
• Why some coaches may not need a drip account
• Incorporating a ‘smoothing account’ into your coaching practice
• How the smoothing account can help mitigate the effects of feast or famine cycles
• How the drip and smooth technique can help you build a more profitable coaching business

Resources Mentioned:

• Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz

Helping Coaches Increase Profits

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