Episode 338: 3 Ways to Retain Clients and Employees in Your Pet Business

Imagine this: You're running a successful business, sales are booming, and life is good. Suddenly, your customers start dropping off like flies, and you can't figure out why. This nightmare scenario can be avoided by tracking your churn rates. Let's dive into why it's crucial for your business's survival.In this episode of the Bella in Your Business: Pet Industry Business Podcast , I discuss the importance of tracking churn rates to gain insight into the health of a business. While emphasizing the need for businesses to be proactive in addressing underlying issues. Do you know retaining existing customers is not only cheaper than acquiring new ones, but it also increases your revenue? So, if you want to make more money and keep your business thriving, buckle up, and let's talk about churn rates. Topics Discussed and Key Points: Churn rate and what it means The importance of knowing your churn rate Optimization of your business processes using the Mastermind  churn rate template   Importance of customer and employee experience the importance of tracking churn rate and how it impacts the business's profitability and growth. Business scurrying and why it is not good Predictability typically comes from numbers Building customer relationships  Churn rate strategies  Why you don’t need loans in  a pet sitting and dog walking business Timestamps: [00:34] Introduction to the concept of churn rate [03:25] What is the churn rate? [04:27] Churn rate template [05:52] What is in the Mastermind this month? [06:10] The importance of addressing touch points in business and employee satisfaction [07:25] Why knowing the churn rate is critical for your business [09:15] Implementing churn rate strategies [11:08] Importance of financial and time freedom [12:16] Next episode: Asking for feedback Notable Quotes: [00:03:31] “It's important to know your churn rate because it can give you insight into the health of your business. If you have a high churn rate, it may mean that there are underlying issues that need to be addressed.” [00:03:44] [00:04:40] “The template allowed them to set meaningful goals and targets for their business, helping them stay focused and on track towards achieving sustainable growth by keeping a close eye on their churn rate and setting proactive measures to improve retention.” [00:04:54] [00:07:26] “Knowing the churn rate is critical to the success of your business, otherwise, you're just scurrying and you have no idea what's going on. You have no idea when you need to implement anything.” [00:07:37] [00:08:38] “We continue to build a relationship and let customers know that we're here to support them and to enhance their life, not to give them more problems.” [00:08:49] [00:09:24] “It is going to be so much easier for you to flex this muscle and to start doing these kinds of business push-ups. We'll call them workouts. Now, when your data is small, it grows larger and larger.” [00:09:38] [00:10:51] “If we see problems in our business and we try to throw money at it as I'll just pay more and I'll get people I need. Then what happens is you're running a nonprofit or you're running at like a 4% profit margin, which is not okay in a pet sitting in a dog walking business.” [00:11:08] [00:11:41] “Churn rate is just one of those little tweaks, those buttons that we can adjust in turn to really understand when and where our clients and our employees are dropping off.” [00:11:52] Links: Resources Podcast: Bella in Your Business: Pet Industry Business Podcast Join Mastermind Email Bella: [email protected] Book:  Joey Coleman: Never Lose a Customer Again Connect with Bella Website Facebook Instagram YouTube Did you love this episode? If you liked this episode, please head on over to iTunes and leave a five-star rating and review. Every single review helps get this community bigger, stronger, and better. It gets other jumpers just like you into the community. Always remember when life gets down, always keep jumping. Transcript: Welcome welcome to another episode of Bella in your business. My name is Bella Vasta. And Today I want you to just imagine, imagine if you could predict when a client going to leave you, or an employee was going to leave you. Imagine what that would do for your ability to plan to hire to market. What it would do to get your brain thinking about one thing or the other and not feeling frazzled. Like you have to do all of it, let alone, let's say we knew this information and there was something we could proactively do about it to keep people with us longer, whether they're employees or clients. How amazing would that be? Well, you can. It's called churn rate. And today, we're talking all about that. So you're not going to want to miss this episode. But before we get into it, I want to encourage you guys to like, share, subscribe to the podcast, and go ahead and tell a friend to share it in one of the Facebook groups. Let people know how valuable this teaching podcast is. Because I know I've gotten a lot of phone calls. And you guys call me all the time we do these 20 Minute Calls. If you want one, jumpconsulting.net/20. And I hear I've been listening to all of your episodes, or I've been binging on Bella. And I love that because it means that all of this work that I'm doing is not for nothing. It means that it's Saturday morning, when I'm recording this, thank goodness for makeup, I am super tired. My daughter is with her occupational therapist right now in the living room. And I'm here sitting with you. And I'm making a conscious effort to get it done and to keep consistent for you guys, every single Thursday since 2014. What? So please, if you like this episode, tell all your friends. Also, if you want to meet with me, I would love to meet with you just go to jumpconsulting.net/20. I'll give you a complimentary 20-minute call, we can solve one problem that you have. And this is for anybody who I've never met before. It's my way of getting to meet you. And I promise. There's no sales pitch. It is going down deep and dirty. And sometimes at the end of these calls, it's interesting because you're all like, so how do I work with you, Bella, and I'm like, Well, this is what you can do. Or sometimes I'm like, You're not ready to work with like, we're not ready to work together yet. Because you need to figure out some really fundamental foundations of your business that only you can decide. And then when you come we can work on stuff, you know. So I love it because I get to point people in the right direction, whether or not it's with me. But let's get into it today. So a churn rate is the rate in which employees and clients leave your business over a given period. It's important to know your churn rate because it can give you insight into the health of your business. If you have a high churn rate, it may mean that there are underlying issues that need to be addressed. So high and low is going to be dependent upon a lot of different people. Because let's say that you have you're in a college town and you hire college kids, well, they might be a little bit more transient than someone who might be a freelancer at home. And so your churn rate the rate at which you have to hire someone new because someone quit is going to be longer. Think of the churn rate for employees or clients. If, if anytime you hired someone or anytime you onboard a new client, you did not ever lose them, what would that mean for your business? But that's the thing. We're constantly trying to get new clients, but at what rate are we losing clients? Last month in the mastermind, we actually provided our members with a powerful tool. It was a churn rate template that enabled them to monitor and track the retention of both their clients and employees. That template allowed them to set meaningful goals and targets for their business helping them stay focused and on track towards achieving sustainable growth. By keeping a close eye on their churn rate and setting proactive measures to improve retention. Our members are now equipped with the insights they need to optimize their business processes and deliver exceptional experiences to their clients and employees alike. This, this, you have to, you have to track it. Because once you have the information, then you can start seeing trends, you can start seeing like, oh, employees drop off right after I hire them, employees drop off right after the six-month line, clients daily dog walking the average, they stay with us for 16 weeks, and then they start dropping off or cutting back. All right, this information is so valuable, because what happens is you're able to put in these, these, these safety nets, so to speak. So Joey Coleman has his book on never lose a customer. And we've done book clubs on it in the mastermind, too, in the years past. And some of you might have done that with us. But the main premise of this and customer experience, what we're talking about in the mastermind this month, is taking those numbers and putting them into action. And so one of the things that you can do, and even though we say customer experience, it's also employee experiment experience, right? Because we know that both of these systems are the same. Once you get this, you can start understanding where you need to do touch points. And that's big. I'm not going to go into that today. But, if you know that, you know, people are excited, they like got your solution, you're going to be their pet sitter. And then they get buyer's remorse. And they're wondering, oh, my gosh, did I make the right decision? Is this going to be okay? Did I like how it happened? Was the service good enough for me? All these things, or maybe they consistently have trouble booking with you or getting a hold of you or getting feedback from you, or communicating.