Show Me the Money Honey (The 5M’s)

March

11

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Running a business can be challenging, but there’s no need for us to reinvent the wheel. The frameworks we need to be successful already exist. Our special guest Charlene Norman will share a framework she developed based on 20 years of being at the helm of companies between the size of $35 million to nearly $1 billion in revenue and making every single mistake under the sun in starting and launching three different businesses of her own. 

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Show Me the Money Honey (The 5M’s)



Tim Fitzpatrick
Running a business can be challenging, but there is no need for us to reinvent the wheel. The frameworks that we need to be successful, they already exist. They are out there. Our special guest today is going to share a framework she has developed based on 20 years of being at the helm of companies anywhere from 35 million on up to nearly a billion in revenue and making every single mistake under the sun in starting and launching three businesses of her own. Hi, I am Tim Fitzpatrick with Rialto Marketing, where we believe marketing shouldn't be difficult. All you need is the right plan. I want to thank you so much for taking the time to tune in. Really excited to have with me, Charlene Norman from Bulletproof Your Business Now. Charlene, welcome. And thanks so much for being here.

Charlene Norman
I'm so thrilled, Tim. I really am.

Tim Fitzpatrick
Yes. I know we're going to have a great conversation. We had a great conversation before we even started. So I am looking forward to digging into this. Before we jump into your framework, I want to ask you some rapid-fire questions to help us get to know you. Are you good to go?

Charlene Norman
I'm braced.

Tim Fitzpatrick
Okay. When you're not working, how do you like to spend your time?

Charlene Norman
There is a canal ten minutes away. My favorite pastime is to scoop up the dogs and go walk along the water.

Tim Fitzpatrick
Love it. And where are you based out of?

Charlene Norman
I'm in Niagara in Ontario, an hour and a half west of Toronto.

Tim Fitzpatrick
Got it. What's your hidden talent?

Charlene Norman
I am a Julia Child want to be.

Tim Fitzpatrick
What's the best piece of advice you've ever been given?

Charlene Norman
Nothing happens to us. Everything happens for us.

Tim Fitzpatrick
That's a good one. What's one thing about you that surprises people?

Charlene Norman
People are always surprised that I get them almost immediately.

Tim Fitzpatrick
So you can through their eyes, you can peer deep into the recesses of their soul.

Charlene Norman
That is what they tell me. I just say, I listen, I take it all in, and I throw it back at them. And I say, "Oh, my God. You really do get me." Yes. Always a surprise.

Tim Fitzpatrick
What does success mean to you?

Charlene Norman
Joy. Doing everything that you love, doing what you were meant to do and making an impact in the world joyfully and happily.

Tim Fitzpatrick
Where's your happy place?

Charlene Norman
My garden.

Tim Fitzpatrick
Flowers, fruits, vegetables, hers. What's in the garden?

Charlene Norman
Flowers. Herbs, mainly. Yes. Vegetables, I did years ago. It's way too much work.

Tim Fitzpatrick
Yeah, it is. My parents had vegetables growing up and yeah, it's a lot of work, but there's nothing like a ripe tomato straight off the vine.

Charlene Norman
Oh, that's orgasmic.

Tim Fitzpatrick
Yes. It totally ruins me. It's like any tomato from the store, it's like, this is garbage.

Charlene Norman
Forget it.

Tim Fitzpatrick
Yeah. This is awful. What qualities do you value and the people you spend time with?

Charlene Norman
Openness, a sense of adventure, a sense of fun. And they do what they say they're going to do.

Tim Fitzpatrick
Gosh, isn't it amazing how many people there are out there that don't do what they say they're going to do? It's one of those things. It's like trying to remember the quote, something along the lines of like, we don't have to do extraordinary things to be successful. We just need to do the simple things extraordinarily well.

Charlene Norman
Extraordinarily well. Execution. Absolutely.

Tim Fitzpatrick
Yeah. That's one of those things. It's like, man, you can differentiate yourself just by doing what you say you're going to do.

Charlene Norman
Couldn't have said it better too.

Tim Fitzpatrick
Yes. So I know you to want dig in. You want to start this conversation by telling us a story. So we all love stories. I love storytelling from a marketing perspective. So kick us off.

Charlene Norman
Thank you. I want to tell you about a fantasy that I had when I was 20 years old. In those days, the big thing was to win the $25 million lottery. So I decided that I was going to win the $25 million lottery. Now here's what I was going to do with it. I was going to spend $2 million and put that in my nest egg for my retirement, and I was going to take 23 million, and I was going to set up my own little company, and I was going to dole out the money to all the small business owners and the medium sized business owners that needed help. I wasn't going to charge a lot of interest. I was going to keep the payment terms super easy. But what they needed, they may not have known this, but what they needed in my mind was they needed an advisor, and I was going to be their advisor. Now, I don't know about you, but I have never met a 20 year old who is fit to advise anybody on anything business related. So that was problem number one. And then problem number two, in order to win the lottery, you have to buy tickets. I've never boutght tickets my entire life. So this fantasy couldn't get off the ground. Right. But if I look back at my career, if I look back at my time now as being a business owner myself, the ups and downs lessons, what I can say is my entire working piece was only to give me the experience to be the adviser that I am today. And I say there is no problem. There is absolutely no problem that you can throw at me that I can't figure out. I find a lot of folks get all excited about what they've done and how far up the ladder they went and how much money they made. And I look at it and say, whatever I did, I did because when I was 20, I knew I needed to get the experience. So I have that experience.

Tim Fitzpatrick
That's a really interesting story. So all the jobs, the companies that you ran was to get you to this place that you are now.

Charlene Norman
That is correct. And every single mistake that I've ever made. When you're an employee, you make mistakes, but they're not huge because it's coming out of somebody else's bank account. When you are on your own, you make an expense. It's really expensive because it's your money. So I have lost money. I've probably lost at least a half million dollars. And it doesn't sound like a lot, but it was my money. Yeah, and I'm never going to get it back. But what I did get from it was, oh my God, you were pretty smart once upon a time. You didn't do this kind of stuff. And you're making every mistake in the book that you see that everyone else is making. And no matter what education we have, no matter what experience we have, when we jump into being our own boss, when we jump into building our own empires, there's so many mistakes that we all make because we're so proud of. I can do anything. I can see it. I can believe it. We've bought into Bootstrapping, and we love the success story of the immigrants who came over with $60 and then ten years later, they're mega millions. But the truth is, most of us are going to be making mistakes. I looked at what I was doing wrong, and I'd seen what everyone had done wrong, and I helped them recover from. And I thought, I am not going back to what the real fundamentals of every single business has. I'm not paying attention to the five pillars that every single business has. And I thought, wait a minute. The number one question everybody has, at least in their first ten years, is show me the money. Just show me the money, honey, where is it? So I use that as a backdrop and said, okay, here's where it is. Now, surprised, fun fact, when I looked at what I had done and I said, oh my God, I made this mistake. I'm wasting time here. I don't need this. And I looked at the pillars, all of a sudden my own world got better. All of a sudden the sky was limit and I was moving along. And here's the other thing. I didn't do a whole pile of fancy things. I chose a few things to do them well.

Tim Fitzpatrick
I want to pull out a couple of things here. You touched on the fundamentals, which are near and dear to my heart. That's where we focus from a marketing perspective is on the fundamentals. And I'm always talking about how the fundamentals, I don't care what the discipline happens to be. The fundamentals do not change. They are absolutely immutable. And so it's so easy for people to skip that, especially with all the noise and the information that we have today. It's just so easy to miss those. And I know we're going to dig into this. The other thing I touched on, the beginning was frameworks. The frameworks we need to be successful, they're out there. It's just a matter of finding them and not only finding them, but finding the one that makes sense to you, that resonates with you, that you can implement. There's no one way to do things.

Charlene Norman
There is.

Tim Fitzpatrick
So this Five M framework, you started to touch on this, but I want to make sure we didn't miss anything. It sounded like you really came up with this based on your business experience at multiple companies, your own companies. Is there anything else that I'm missing there? How did you come up with the Five Ms framework?

Charlene Norman
So I'll give you the cole's notes version.

Tim Fitzpatrick
Cool.

Charlene Norman
I said you were successful. You got bottom line results of 45% improvements on EBITDA. You grew the top line. You did this with your teams. How did you do this? So I took leading 60 acquisitions, 35 profit improvements, 10 dispositions, even a bankruptcym startups, you name it. I looked at it and I said, okay, what do you need? What made them successful? And I started writing and writing and putting notes up, and it came down to five things. Every single successful business, the fundamentals, you'll never find anybody selling this like it's a guarantee thing. These are the fundamentals that we're not always taught. Every business has the right message. Every business person in that business has the right mindset. There are a bunch of must haves that every single business is foolish not to put in place .Your passion, marketing, absolutely key, critical, bar none. And the last one is momentum, and that you could call it sales. But I prefer getting in front of the right audience and building a relationship with them, keeping the momentum so that one client, one account stacks on another account, and you take off. When I looked at it, I said, that's the secret. Every business is not going to be focused on all five simultaneously every single year. Some years you're going to focus on one. You're going to leave the other ones because they're okay. Some years you might focus on two. But the bottom line is the successful companies have that solid foundation where every one of these is addressed.

Tim Fitzpatrick
I'm assuming, too, as the business evolves, maybe they had mindset or marketing dialed in. But as things evolve and change, it may negatively impact one of those things, and they got to come back to it.

Charlene Norman
It's never a one and done. And I'll give you a really good example of exactly what you're talking about. In the beginning, it's a very emotional roller coaster for every single business owner and every single entrepreneur. When they get bigger, and so you can master that with some mindset or mental exercises and thoughts. But when they start to grow and they start to bring people in, and now they've got a team working for them of anywhere between 10 and 100, the chances are they don't have the experience necessary to manage the projects that those people are in charge of. They don't have the leadership abilities to work with those people in the best way possible. So now it's a case of, okay, I got to change my mind. It's not me doing everything, it's me trusting. And that's a huge shift when you have people. So it's never one and done. As you get older, as you grow your business and the business gets older, your messaging is going to change because in the beginning, it'll be one thing, but once you get a track record, you start to tinker with it. Every one of them goes deeper as the company gets bigger or older, and every one of them goes wider. But no one really thinks in those terms when they're first off the block, oh, my God, I'm going to do this. I've got a product and a service, and I'm going to sell it, and life is going to be great. Build it. They will come.

Tim Fitzpatrick
Yeah. So you came up with this from your experience identifying, hey, these are the keys that all these successful businesses had. What's the end result like why should people care about using the Five M framework?

Charlene Norman
What I discovered was now you have five pillars. So there is a huge problem in the world right now that I call LTMDTL. I have to remember the acronym there. Learn too much, do too little. We spend ginormous amounts of money on courses, on new programs, on funnels, on this, that and the other thing. And we don't complete them. We don't. And we complain that we didn't get any value or this didn't work or that didn't work. Well, here's the thing. Everyone has brilliant products and services. When you need them, may not be today, may not be over the next three months. It might be five years from now. So with this framework that I've got, you can actually look and say, well, that particular program fits this pillar, that pillar I'm not working on this year or that pillar I've already mastered. Okay, that's just a pretty thing. I don't need to spend my money there. I don't need to focus my attention there. This is the pillar I'm looking for. Who's coming into my inbox. It's a great way to declutter your thinking process, declutter your inbox, and stay focused on the few things that bring you joy and that, you know, consistent behavior will win the day.

Tim Fitzpatrick
Got it. Charlene, let's dig into these. You touched on each of the five ones. Can you repeat those and then we can go through them?

Charlene Norman
Absolutely. Number one is messaging, number two is mindset, number three is must haves. Number four is marketing, and number five is momentum.

Tim Fitzpatrick
Are they in any particular order?

Charlene Norman
No, not really. What is most important about any of them, about going into any of them is something that we touched on off camera. Many business owners and entrepreneurs today worry about the tactics. I've got to do X. I've got a to do list of 20 things. I've got 100 things over here. People tell me I need to do these specific things. Before you even contemplate doing those specific things, you want to go a little bit higher. I call it 75,000ft above your business. And you want to think in terms of strategy. So when I'm talking about a strategy for messaging, I'm not talking about you've got a great product and service, and it comes with all these benefits and all these features. Nobody gives a rap to ask about that. What you want to be thinking about is what is the strategy that I'm going to use here to get this message out and what is the message of what I'm doing? So, for example, human beings, we love to buy, but we hate being sold to. And human beings love to buy on emotion. Even cars, we buy on emotion, but we justify everything with logic. So if you're trying to get somebody's attention with a short message, talk about how you are going to transform their lives. And in today's time, some key things that people are looking for, bar none, are saving them time, giving them peace of mind, helping them save the world. Those are things that resonate with people. So I'm just going to make this up. If you're a car company, most sellers of cars are not really going on about the horsepower anymore. They're going on about how they're helping the environment. They're moving in that direction. So you want that sexy car, you want to look good in that sexy car because that car is your thing. You're justifying it by saying, well, wait a minute, they're helping the environment. I can help the environment. If you're selling a standard lead generation thing, oh, it drives me nuts, okay, you're selling lead Gen. Really? No. What you're doing is you're selling growth to their dream. If you tie your product into helping them make the impact on their dream world, you tie that product in, you've probably got a very good customer two calls away. If you talk about, well, this is going to give you 100 whatevers in three months or 1000 whatevers, or I guarantee, because it's worked for me, you are not appealing to their emotions. So I know, Tim, as a marketing strategist, I know that you constantly go on about making sure that messaging piece is correct, and I'll link it to the show me the money piece. I think the messaging piece, everyone needs to invest at least a couple of $1,000. You can try yourself in the first six months, but nobody, even me, none of us can solve our own problems ourselves. We can solve everybody else's problems brilliantly. But solving our own is a problem. So, sure, in your first six months, even if in your first year, you can struggle all you want, but there's going to come a point. A professional is going to help you get the best messaging. And the messaging I want to say it's about you. It's about bringing the essence of you into the whole thing so that you're not selling, you're just sharing. You're showing how you can make their lives better.

Tim Fitzpatrick
Charlene, you're speaking my language. Messaging is critically important. We do messaging for clients all the time. I stuck at it for my own business. We can't think about our own business objectively. So it's really helpful to get those outside eyes. The other thing that somebody said to me about messaging that always stuck with me was that there are really two things that people care about. It's a problem that they have and don't want and or it's a result they want and don't have. And our messaging needs to focus on both of those things. If we can focus on both of those things and it's in their language, not ours, okay, it is going to grab their attention and their interest. So messaging is super important. Next one on the list, mindset.

Charlene Norman
When you decide that you're going to bring something to the world, you're entering a very emotional roller coaster ride. Because when we work with someone else, we have a salary. So there's a lot of things we can get annoyed about and frustrated about what we have income coming in. When we're dependent on ourselves, and trust me, customers never buy when we want them to. Customers buy when they want to buy. So there's a big lag time between when we put money out and we start to get money coming in. There's also Gremlins inside of our heads. Gremlins that tell us, well, that was a stupid idea. You're not nearly as smart as you think you are. You're not ever going to do this. You're a loser. Oh, my God. Oh, my God. Somebody paid me. Oh, this is a great day. Oh, crap. My wife left me. Every single day, you can go through 10, 20 different emotions. And most of us humans are emotional people and we wear our emotions on our sleeves, which means it's code for we screw up other people's lives because of our bad emotions. Developing the mental strength, developing the mental resilience that I have to stick to my guns. I believe in my heart what I'm doing. I believe 100% in this. You're not going to knock me off of this pedestal because I know this is the right way. Sticking to that requires exercising a muscle. There's a lot of life coaches. There's a lot of psychotherapists and psychologists out there that will say that they can help you and yes, they can. But in the early years, and especially in the first, I would say ten years, at least in my experience, there's not a lot of extra money for that kind of stuff. Really, this is the last place we're going to spend money on is ourselves. So I found a resource. I found two resources that are like dirt cheap. I'm not an affiliate. I don't get paid for saying this, but I will say go to MindValley.com. It's a personal growth learning website and for $500 a year you can have a subscription that gives you access to a gazillion different programs which strengthen your mind. It's written for business people as well as non business people. There are a million different courses that you can take that I promise you, if you spend 30 minutes a day, which is nothing, you can do it while you're walking or jogging or whatever, 30 minutes a day, you decide what you want to listen to. Inside of three months, you will be a changed person. Inside of six months you will be way stronger. Inside of a year, you will not recognize the person you have become. And that is the cheapest resource I can possibly give you. The next one is you can Google and you can find stuff. But I find that is expensive because it's taking away from your time. And that's why I say if you need help with your brain power, especially in the early years, minevalley.com is an excellent, excellent resource for almost nothing.

Tim Fitzpatrick
Let's talk about must haves.

Charlene Norman
I made myself a gazillionaire and I had no money. We all love the turnaround stories. But the truth is, we now live in the technological age. We are all dead in the water if we don't have a computer. We are also dead in the water if we don't protect that computer. Because in case you haven't noticed, the Www web has become the Wild West. There are more and more critters out there who are anxious, just anxious to hack you, anxious to take all the intellectual property, all your customer names, all your secrets and spread them out, maybe hold you ransom. It doesn't matter. So what I say to everybody is you cannot make a business on nothing. You have to have, I always recommend at least a $10,000 for computers and cybersecurity and a little extra for help in the messaging department. We all know whether we want to or not, we have to abide by the laws. So whatever you're in, you need to be checking that you are in compliance with your municipal, with your state, with your provincial, with your federal. Whatever the laws are. If they cost you money, they cost you money. You can't not pay it. If you bring on employees. I'm sorry. You owe those employees a safe environment at the very minimum, which means you have to pay. In Canada, we call it workers compensation. In the US, I think it's ocean. You can't not do it. Those are the absolute must haves. When you get bigger, here's one tip, make yourself a standard operating procedures manual. Why? Because as you bring on people, you don't have to do a lot of training. You provide them with the documentation which lays out your bare minimum expectations and the crucial things that you know need to get done to ensure that the business is still going. And this is a terrific way to say in the early years, you may not need a standard operating procedure manual, but I guarantee you by year ten, if you don't have it, you're going to flame out because you're trying to do too much all by yourself and you're not helping your employees.

Tim Fitzpatrick
Yeah. So this kind of goes back to what you touched on before. Each of these pillars is you're never done. The must haves you need in the beginning are different than the ones you need when you hit X point and when you hit Y point, those are changing. So you've got to be staying on top of those things and making sure that those things are in place.

Charlene Norman
What I've done is I've gone against all my advice and I've said, here are your tactics. I've just given you a bunch of tactics in your must haves. The strategy is for you to be a viable, long term, law abiding, community driven business. That's your strategy. To do that, these are all the things you're going to have to make sure that are in place.

Tim Fitzpatrick
Yeah. As you were going into this, I was thinking about I used to know a guy who worked for a company that they got hit by a ransomware attack, and they had been in business for, I think about ten years. And honestly, I don't keep in touch with the guy anymore. So I don't know. But they almost went out of business because they did not have cyber insurance. And the hackers said, hey, pay us a million dollars. And even small businesses, I think it's very easy to think, oh, I don't have enough stuff for people to care about. Well, these guys were consultants and it wasn't necessarily them, it was their clients.

Charlene Norman
That's right.

Tim Fitzpatrick
They took advantage of all of their clients stuff. Their clients businesses were basically shut down. So cybersecurity is just one of the many things you touched on in there. There's a lot of things that could stop our businesses right in their track. So I love must haves, which we're then moving into another pillar, which I believe is a must have. But I'm biased, and that's marketing. Let's talk about marketing for a minute.

Charlene Norman
Actually, you know what? I think you should talk about marketing, because prior to I would say a few things, and then you went off and you said this, and I'm going, yes, sir, you can talk about marketing all you want. The only thing and I'm serious, Tim. I'm going to give this floor over to you. The one thing I'm just going to say about marketing, because you're going to cover off the strategy, which is absolutely vital. Many of us get all bent out of shape because these days there's a million different things that we can do. And so we are always concerned about what do we want to do or what can we do? The first thing is to have a strategy, and I'm going to turn the floor over to Tim for that because he's brilliant. The second thing I'm going to say is any tactic you choose, choose the one you love because you can pick any tactic. And as long as you work it, it's going to work. I promise you it will work. It's part of that execution thing. So if you don't like videos, go to writing. If you don't like writing, go to messaging. If you don't like messaging, go to in person. If you don't like in person, then do it virtual. I don't care. Do what you love and do it regularly and well. Okay. So Tim, tell us about the strategy piece.

Tim Fitzpatrick
Yeah. Okay. So I'm going to make this short. First thing that I always talk about with marketing is if you don't have marketing, bringing in leads that are then converting to customers, then you can have the best product or service in the world and none of it matters. That's why I believe this is one of the five pillars. The second thing I would say is once you buy into this and you're like, I've got to have marketing, everything starts with the fundamentals, and the fundamentals are your target market and your ideal clients within that market, your messaging, which is one of your pillars, what are you going to say to those people? And then what's your plan? What's your plan to get that message in front of those people? And then from there, as you touched on Charlene, then we can start to get tactical, but we really have no business getting tactical and start taking action until we have that foundation in place. If we just jump in and start taking action without having the foundation, we waste time and we waste money. I love your five pillars because two of them I'm right with you. So we could talk about marketing for a long time, but I don't want to get too far off track because we've got this fifth pillar of momentum.

Charlene Norman
So momentum is growing your top line. Momentum is driving your sales. There's a lot of products out there right now that just want to talk about lead gen, but lead gen is only one piece of growing your sales. The biggest thing that has changed in the world of sales from 100 years ago to what it is today is that today is about relationship marketing. So you can have funnels, I don't care. But you got to start with people. You can have chatbots and all that kind of good stuff, but you still need people because people are emotional beings that love the human to human touch. So when I'm talking about momentum, let me get really down and dirty. How much of your time in a day is spent in front of prospects and clients? In the very beginning, we need to be spending five to 6 hours a day in front of other people, practicing our message, telling people what we can do and offering help. We are not selling. We're not pedaling. We're just getting our names out there as we get bigger. If we're not into selling, if sales is not our strength, we can go in the old days with defined a distributor. In the new days, we can hire on salespeople. But here's a hint. The really good sales people that you want to bring in, they don't do Commission only. Nobody does Commission only. So if you want to spend some this is one spot. If you want to bring in sales people, you're going to have to cover at least their bare necessities. You will get it back a million times over. But if you're going in saying, well, I'll pay you when I bring it in, no one's going to do that. Those days are over. And the other thing about momentum is and people forget this, when you have your first few brilliant customers, you go back and you ask them for testimonials. And then you bless those testimonials into your messaging and that becomes part of your new foundation. In addition, you ask for referrals because those referrals move you along faster and that's where a lot of your momentum is going to come from.

Tim Fitzpatrick
I love it. So we talked about messaging, mindset, must haves ,marketing, and momentum. Those are the five pillars. Charlene, you've shared some awesome information with us today. Any last minute thoughts you want to leave us with?

Charlene Norman
Anything you want to do is possible. As long as you have put in the effort of persistence and regularity and you have an open mind, anything is possible.

Tim Fitzpatrick
If people want to get help with any or all of these five pillars, where's the best place for them to go?

Charlene Norman
I play on LinkedIn every single day. Just reach out, DM me, or follow me. You'll get Charlene full on that way.

Tim Fitzpatrick
Awesome. So connect with Charlene directly on LinkedIn. You can also go to her website at Bulletproofyourbusinessnow, just like it sounds Bulletproofyourbusinessnow.com, reach out to her. She's obviously got a wealth of experience that she can share, help you push through your roadblocks to help you get where you want to go. So Charlene, I really appreciate you taking the time. It's been a fantastic conversation, so thank you so much.

Charlene Norman
I've enjoyed your presence, Tim.

Tim Fitzpatrick
Awesome. And for those watching, listening, thank you for tuning in. If you're struggling with your marketing, you've hit a ceiling, you're not quite sure what that next step should be, you're investing in marketing, but it's not working and you don't know why, head on over to our website, Rialtomarketing.com. That's R-I-A-L-T-O Marketing.com. Click on the Get a free consultation button. I'll be happy to chat with you and give you some clarity on what those next steps should be. Thanks so much for tuning. Until next time. Take care.


Connect With Charlene Norman



About the author, Tim Fitzpatrick

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