Editorial: Is Your Credit Wearing a Kevlar Vest?
By Daniel Pepper
"The successful man or woman is the person who can say, 'This is the goal I am working toward. And this is the way I'm going to get there. And when I reach that goal, I'll have others by that time, and I'll use this same system - improved by then - to reach those goals as well."
- Dan Kennedy
Your credit and your lawn business success are tied together. Sure, years ago it didn't matter too much. Get as much credit as you want and live it up. As long as you showed consistent payment, everyone was happy. And as a result your credit score was safe.
Fast forward to present day. Things have changed.
Lenders now look at your credit not only to see how much you qualify for but also what your interest rate will be.
So you could pay tens of thousands of dollars more for things than the lawn business owner down the street.
Your credit score is one of the most important numbers in your life and you need to make sure it's wearing a kevlar vest (figuratively speaking of course).
Nowadays, you can also access your credit score easily and this inquiry will not lower your credit score.
So you know about your score, the next question is, how do you manage it?
Don't take this lightly either. Insignificant. It's not. Ask anyone who has a bad score and it's a nightmare that follows them daily.
Improving your credit score is attainable. The best way is to improve it. In other words find out what people are doing wrong, yourself included, and avoid these top mistakes:
- Maxing out credit limits
- Having unnecessary inquires into your credit
- Using cash
- Transferring credit card balances to get a better rate
- Closing credit accounts
Even if you've gone bankrupt you can better your credit score. Really. Ordinary people who went lost it all and destroyed their credit, actually built it back up again, even became millionaires (ie Stephen Snyder).
Taking care of your credit score is usually overlooked as a "useless" task for most lawn business owners. But it is a powerful and very useful means to getting wealthier.
So stand back and look over your financial situation. Pay attention to managing your credit score and your debt wisely.
AN EXTRA PIECE OF MARKETING ADVICE...
How To Increase The Size Of Lawn Care Service Orders
2 elements that play a role in the value of your customers and how much profit your lawn business makes are: frequency of purchase and the size of an average order. By using a coupon, you can increase the size of your orders and in the end, make more money.
One of the top techniques for this is what is known as progressive discounting or with gifts-with-purchase.
Let me give you a couple of examples.
"Order $250 worth of lawn care services and get 5% OFF."
"Order $500 worth of lawn care services and get 10% OFF."
"Order $1000 worth of lawn care services and get 15% OFF"
"Order a Spring Package (aeration, liming, moss killer) and get a FREE FERTILIZER Application."
"Order a Year Long Package (aeration, 2 lime, moss killer, 4 fertilizers) and get 2 FREE Garden Bed Clean Ups."
"Order a Total Lawn & Garden Package (aeration, 2 lime, moss killer, 4 fertilizers, once-a-month garden clean up) and get a FREE ROCK POND."
The more the customer spends, the better the deal for them. The more the customer spends, the sweeter the deal for you. Win-win.
Until next time...