Since working with Successful Entrepreneurs in our 1-5 Programme we have listed below the 6 KEY areas for you to focus on to get clear on how you can Grow your Business; effectively and efficiently.
1.Planning is KEY.
The best time to take action for you and your business is now to start the new year on track with what you want to achieve.
All aspects of business need to be planned, some in greater detail than others, however there is a much a greater need for you entrepreneurs that are aiming for the stars!
If you Fail to Plan, Plan to Fail.
For us to best serve our clients we want to be on board with you and what you’re going to achieve because the following items need to be specifically set up and tailored to suit your business:
- Tax and Corporate Structure
- Financial reporting
- Processes and Procedures
2. Get Your Data Processing Right.
Ah, we get it the most ‘un-liked’ part of accounting! Whilst at the same time, one of the most important.
Getting information into the system sets up the foundation for financial reporting and is CRITICAL.
Get the systems and accounting functions in perfect order.
- Efficient Accounting procedures
- Xero & cloud accounting
- Accurate Live data
3. Get Tax Savvy and ATO Compliant.
Don’t ‘shutter’ at the word Tax. The only time tax is scary is when you’re unprepared. True Entrepreneurship is about building your business vision and comprehensively planning managing taxation is vital in order to do so.
This is where we come in, to keep you ahead of the game and the ATO!
- Review Tax Positions Quarterly
- Build Your Perfect Tax Structure
- Help keep the ATO Smiling
4. Harness the Power of Numbers
As Entrepreneurs we’re known for making ‘snap decisions’ and constantly shifting the goal posts and the truth is that not all will pay. However, knowing the true specifics of your financial position gives that extra level of confidence when making the decision.
Know your numbers:
How much money and time do you need to reach your milestones and eventual vision? Indeed, it’s time t get your KPIs right! Generally speaking, entrepreneurs should be monitoring the following on some level:
- KPIs relative to the industry
- KPIs relative to Your Growth Milestones
- KPIs relative to short, Mid and Long -term cash functions
- KPIs relative to Efficiency Across the Entire Business
5. Get on Top of Efficiency
Efficiency makes a monumental difference in business because essentially:
Efficiency = Profit = Cash
When it comes to entrepreneurship, one of the most talked about requirements is saleability and for it to be maximised it takes comprehensive systems designed to maximise efficiency.
Our workflow and automation division can remove the human element and create a massive profit through technology usage. However, EVERY entrepreneur should be reviewing:
- People Efficiency
- Financial Efficiency
- Operational Efficiency
- Technological Efficiency
- Educational Efficiency
- Sales and Marketing Efficiency
- Mental Efficiency
6. Review, Reflect, Realign, Re-Plan and Re-execute.
Steps 1- 5 are going to need to be repeated constantly because everything is going to change especially in a rapidly growing business and ever more so, one being run by a true entrepreneur who is constantly comping up with new crazy innovative ideas.
There is no predetermined amount of time to complete steps 1-5 in fact is should be organically happening all the time as all entrepreneurs should hold continuous improvement as one of their core values.
Constantly evolve the business and business practices.
To Find out How we help entrepreneurs more in our 1-5 Programme click on the Green More information button below.
Most marketing experts will tell you that you need select a niche or a target audience. That you can’t just market to “whoever is paying attention” and be successful.
Why is that? Think about it this way: if you are having a conversation with a total stranger, how do you know what to talk about? Unless you are able to find some common ground, the conversation will probably be short-lived.
Because neither of you have an understanding of the other, you must find a way to make a connection to involve each other into the conversation.
The same holds true for marketing. You must make a connection with your audience if you want them to pay attention and stay around to find out what your product or service is all about.
And, in order to make a connection, you have to know something about them. You have to know what problems they have that you can help to solve. You have to understand them.
That is why it is so important to select a niche or clearly defined target audience. Because once you’ve selected a distinct group of people you believe you can best help, you can research them so you begin to understand them.
Then and only then can you really communicate effectively with them. And that’s what marketing is; communication.
But once you’ve identified your target or niche, you must also be able to find and market to them.
The first step in doing that is to define them more specifically. How?
My suggestion is to ask yourself the following 10 questions to help develop a very clear description of your target. Then it will become much clearer to you where you can find them.
You may need to make some educated guesses when answering these questions and that’s okay. It’s a start and you can always refine your answers as your business grows and you begin to understand your target more.
You can apply these same 10 questions to your business or niche, regardless of what they are. They are universal questions that apply to any type of business or target audience.
- What is their primary problem you can help solve?
- Are they primarily male or female?
- How old are they?
- Where do they live? What type of community or neighbourhood; urban area; suburban area? Also, do you have any geographic limitations (real or self-imposed) regarding where you can market or deliver your services or products?
- What type of work do they do? And where do they likely work? Their type of business as well as geographic location.
- What is their socio-economic status or annual household income?
- How do they spend their leisure time?
Do they belong to a gym or health club? Do they go to the movies or out to dinner frequently? Or, do they have young children and spend their time at elementary school functions, family picnics, children’s birthday parties or weekend soccer tournaments?
- What is their family structure or home environment?
- Do they belong to any associations or professional organizations?
- What are their media habits?
Do they read the newspaper or magazines? If so, which ones? Listen to the radio? If so, which formats do they likely listen to? Do they watch TV? If so, which programs do they likely watch? Do they spend time on the Internet? If so, what kinds of web sites do you think they are visiting? Where do you think they are currently getting their information about health and wellness? These are all potential places to reach your niche with your marketing message.
Answer each of these 10 questions to the best of your ability. Talk to current clients to get insights. Or, talk to friends or colleagues who fit your client profile to gain a better understanding of who and where they are.
Once you build this target client description, you’ll have a much better sense of where you can find them.
The next step is putting together a marketing message that speaks directly to them and what they are dealing with. The more you understand them, the more you’ll be able to craft a message that will hit home with them. That message will become your magnet, attracting the people who you can best help.
For more information on how we can help you in your business click on the Green Button Below.
How do you define selling? A lot of people think of selling as persuading/convincing people to buy things they may or may not want or need. To some, selling is all about closing a deal. Thinking of selling like this is not very empowering to you. Frankly, if you have this perspective on selling, it’s no wonder if you hate it. I would too!
So what perspective can you take about selling that will make it enjoyable, exciting and something you look forward to? Sounds like a bit of a tall order doesn’t it? Read on.
Hopefully by now, you have made the list of all the problems that you can solve for your target market. You’re going to be surprised how long that list grows over time. So really, if you look at your list and you think about it, you are a master problem solver. What you’re really doing is helping people. Correct?
So try on this perspective about what selling is: Selling is helping people. Selling is serving. Selling is a process of identifying and solving people’s problems.
See, feel and know that selling is serving. This will cause a big shift for you. With this perspective, you will really become passionate about wanting to help people. Find this passion and let it shine through.
It is your purpose, your moral obligation, to have as many sales conversations with people as you can so you can help as many people as possible. If you’re not having these types of sales conversations, you are holding back the gift you have to offer the world. You owe it to people to be there for them with your expertise and wisdom.
Next time you’re talking to a potential client, think about how you can help them, how you can serve them. Forget about trying to sell them something. If what you have to offer does solve their problems, and you facilitate the conversation using the strategies we are covering, people will sell themselves and will subsequently buy from you.
If you have a perspective on selling which is one of service and helping people, how do you think the people you’re talking to will feel? Think about this: people hate to be sold. The minute they feel they’re being sold, they often want to get away – fast. Don’t you? On the other hand, if they feel you are sincerely trying to help them solve their problems, they will relax and open up to you.
If you have a perspective on selling which is one of service and helping people, how do you think you will feel? Does energized, excited, relaxed, and natural come to mind?
This perspective is simple but powerful and very attract-tive to clients.
For more information on how we can help you in your business click on the Green Button Below.
Have you ever wondered how multi-national companies like McDonalds, Coca-cola, Microsoft, Apple, Intel, Motorola, Sony and UPS came up with their names? Just think, if these companies have some lame or forgettable brand name, would they be as big as they are now? Every company starts out by thinking of a name. A law firm, for example, commonly uses the names of its associates, like Smith, Johnson and Brown Law Firm. The name of a woman’s speciality shop should be something sensual and exciting, like Victoria’s Secret or Bare Essentials. A clothing line should boast the popular designer’s name. Corporate branding does not just involve the company name. It also includes the corporate logo design and the overall company image. More importantly, it conveys your corporate identity. When you think of computers, Microsoft comes to mind. Toothpaste equals Colgate. Coming up with the perfect brand name that will stick to the consumer’s mind is as important as coming up with the finances to start a company – be it big or small.
- First Impressions Last
When you distribute a business card, see what dominates that small piece of paper. Brand names and logos. Bland brand names never work. When you think of a name, follow these rules:
– Be original.
– Do not be overly creative – business cards must be functional. Sure a uniquely sized/shaped card might generate interest but it’s very hard for a secretary to file in a business card rack.
– From your options, choose one that has a global appeal.
In today’s global marketplace, a brand is considered as a valuable corporate asset and a marketing tool for success. Thus, you should always give careful consideration to different cultures if you plan to conquer a worldwide market.
- The Simpler The Better
When creating the company logo, it is much more advisable to be creative and distinctive. The more conservative designs apply to a target market of the same kind. If you apply the same concept to a company whose customers are supposed to be young and hip, they will fall asleep as soon as they hear your brand name and see your logo. With a younger clientele, it is best to be energetic and creative when thinking of corporate naming and branding.
- Brand Name Equals Image
With the Internet being considered as the most powerful marketing tool, it is very important that your customers remember something distinctive about your company. Give out a clear picture of the message that you want to impart and the image that you want to project. Strong graphic design is the ace up your sleeve to leave a lasting impact of your company.
- Be Consistent
Corporate branding takes time. It includes your company name, your logo, your customer service, the staff, the building location, the state of the offices, even your maintenance staff and the company vehicles. As years pass, your company develops a certain reputation. It is a good thing if, upon hearing the name of your company, people would immediately associate it with the service or product that you represent. Make sure that you stick to the corporate image that you want to project.
- Create A Powerful, Branded Web Site
Marketing though the Internet is yet another aspect of corporate branding. You should develop a distinctive, informative and complete web site. This is so that customers would have a clear understanding of your company profile.
- Research, Manage, Dominate!
Try visiting websites which offer corporate branding and advertising services. Better yet, look for the people behind the big companies and ask or research on how these establishments have gotten to where they are now. check on their corporate structure and how they began. Make sure that the people who make up the corporate ladder have enough enthusiasm and confidence about the company which should rub off on the rest of the staff. It would never hurt your company if you have a good personnel attitude and an intense pride of work.
The “spark” for many entrepreneurs is seeing an opportunity that doesn’t yet exist. Ted Turner, for example, launched CNN because he perceived that people wanted more television news than they were being offered. It took a lot of patience on Turner’s part to realize the vision, but he had read the market in a way that few “experts” did at the time.
In realising the promise of CNN, Turner demonstrated another facet of the entrepreneurial spirit, persistence. There are a lot of bright ideas that never reach fruition; taking a “raw” idea and converting it into a successful business model is very hard work.
And that work never stops. No matter how innovative your idea, the competition is always just behind you. With anything less than constant creative effort on your part, they may not stay behind you.
Are you still with me? Here is where I reveal why everyone isn’t an entrepreneur:
No opportunity is a sure thing, even though the path to riches has been described as, simply “…you make some stuff, sell it for more than it cost you… that’s all there is except for a few million details.” The devil is in those details, and if one is not prepared to accept the possibility of failure, one should not attempt a business start-up.
It is not indicative of a negative perspective to say that an analysis of the possible reasons for failure enhances our chances of success. Can you separate failure of an idea from personal failure? As scary as it is to consider, many of the great entrepreneurial success stories started with a failure or two.
Some types of failure can indicate that we may not be entrepreneurial material. Foremost is reaching one’s level of incompetence; if I am a great programmer, will I be a great software company president? Attitudinal problems can also be fatal, such as excessive focus on financial rewards, without the willingness to put in the work and attention required. Addressing these possibilities requires an objectivity about ourselves that not everyone can manage.
Other types of failure can be recovered from if you “learned your lesson.” A common explanation for these is that “it seemed like a good idea at the time.” Or, we may have sought too big a “kill;” we could have looked past the flaws in a business concept because it was a business we wanted to be in. The venture could have been the victim of a muddled business concept, a weak business plan, or (more often) the absence of a plan.
When small businesses fail, the reason is generally one, or a combination, of the following:
* inadequate financing often due to overly optimistic sales projections;
* management shortcomings,
— such as inadequate financial controls, lax customer credit, inexperience, and neglect, and;
* misreading the market,
— indicated by failure to reach the “critical mass” required in sales volume and profitability, — usually due to competitive disadvantages or market weakness.
In a recent Wall Street Journal article titled “Why My Business Failed,” Ken Elias cautions that “even if the concept is right, it won’t fly if the strategy is wrong.” Still, on being asked whether he would start another business today, he answers: “Absolutely. The experience is fabulous, exciting and the possibility of success is always there.”
This week on Scotch O Clock we are joined with our Special Guest; Kim Barrett from Your Social Voice. Kim Barrett is a world renown Social Media Marketer, focusing on Facebook. He Is an International Best Selling Author, Speaker and Trainer, having taught marketing around the world and helping businesses grow to 6 and 7 figures.
Featured Whiskey: Glendronach 18 Year Old Allardice – Oloroso Sherry Cask
Business Topic Covered: In this episode we talk all about the importance of Efficiency in Business and how it can help you in your Business.
7 Factors of Efficiency
- People Efficiency
- Educational Efficiency
- Sales and Marketing Efficiency
- Operational Efficiency
- Financial Efficiency
- Mental Efficiency
- Technological Efficiency
Scotch O Clock Episode 31 Featuring Kim Barrett:
Featured Scotch Intro: 1:21
Whiskey Tasting: 4.19
Main Topic – Efficiency: 7:24
Continuous Improvement: 7:56
How to improve Systems: 9:30
Forward Thinking in Business: 10:40
7 factors of Efficiency: 11:30
Theory of Constraints: 13:37
Sales Process: 15:09
Finding the right Expert: 16:33
Interactive Cash Flow: 18:45
Summary of Efficiency: 23:07
We Hope you enjoy this Episode guys and remember to please comment and share this video to reach those who are seeking ways to improve their Business.
Proper sales training is crucial for the success of any business! The efficiency of your sales depends on various interrelated factors such as the efficiency and the skills of your business members, the ability of your company to create and explore new sales opportunities, as well as the ability to close potential sales. In addition, a proper customer relationship management can maintain the clients’ interest in the products or services offered by your business. Considering the fact that the profitability of a company is determined by its members’ relations with clients, a successful business should focus on better understanding customers’ needs, enhancing the communication with clients by providing good feed-back and also on improving interactions with clients. With the means of effective sales training programs, you will be able to strengthen the relations between clients and the members of your business.
Whether you are the owner of a large, prominent company or a small business, proper sales training of your team members is the key in achieving and maintaining a strong position on the market. In order to strengthen the relations with your loyal customers and to attract new clients to your products or services by increasing the exposure, popularity and credibility of your business, you have to make sure that your business team has a solid sales training. A proper sales training program can help you boost the profits of your business by familiarising you and your team with a wide range of strategies for attracting new customers. In addition, sales training programs offer you effective solutions for selling more to your already existent clients, by maintaining them interested in your products or services.
There are various online professional services that offer a wide range of effective sales training programs for companies. By attending to the latest, cutting edge sales training programs, you and your business team will be able to quickly assimilate an extended package of knowledge, skills and abilities that are vital for achieving success. Sales training programs account for all the features of a successful business, ranging from customer service and sales skills to sales management and leadership development. By attending to a set of specialised sales training courses, your sales staff will be able to improve their overall sales skills, negotiation skills, communication skills and conflict resolution abilities.
Advanced sales training programs also include executive coaching, sales management coaching and leadership development, courses suitable for your team members that occupy higher positions inside your company. Thus, sales training programs are appropriate for all the people in your business, regardless of their role and position inside the company. By attending to a set of specialized, professional sales training programs, your team will learn new, effective solutions and strategies for promoting and selling your products.
Regardless of the success of your business, there is always room for improvement! After following a set of reliable, effective sales training programs, lots of businesses have been able to increase their profits by up to 30 percent! Sales training programs are strongly recommended for all business owners who wish to enhance the efficiency of their company.
Grabbing opportunities with open arms is often easier to talk about than to actually do. Most people find themselves dreaming about being rich but never actually doing anything about it. A combination of procrastination and ‘what if’ syndrome can cripple your creative spirit and might mean your idea will never become a reality.
Socrates said “Action equals knowledge’. He was one of the greatest philosophers of our time. What he meant was that it is through action that we achieve results.
For example, you could think about learning Spanish for months, imagining the holidays you will take and the people you will communicate with. You can dream forever but accomplish nothing unless you actually make the effort to start taking lessons.
Much like the martial arts approach – the idea is to take action immediately and avoid over analysing the situation.
Do you want to start your own business but are afraid of what kinds of things can go wrong? What if your initial investment doesn’t pay off? There are millions of things that could go wrong but likewise there are many things that can go right! Fear can be paralysing. When thinking about starting a business particularly if you keep waiting for the right time. There will never be a perfect time. It’s now or never when it comes to starting your own business.
Overcoming your fear is a step by step process.
– Do you have a clear idea of what kind of business you want to start? A clear plan will help keep your worries at bay.
– Do you have access to the resources you will need? This includes the necessary start up cash as well as anything else you will need.
– Do you have access to clients or do you know enough about marketing basics to ensure you will have enough interest in what you are offering?
Just like anything – taking action is the most important part. Make an itemized list of what you feel needs to be done in order for you to start that business you always dreamed of.
Prioritizing your list will help too. Don’t wait for all your ducks to be in a proverbial row before you begin but make sure you have all the basics covered. Don’t wait for that ‘perfect someday’. Make an imperfect start.
Don’t over think everything. Sometimes the best approach is to just jump into the deep end.
Don’t wait to start discovering your own entrepreneurial spirit. Take action today!
Are you thinking about setting up your own business? Have you an idea for a new business but are unsure about how to proceed? If you have answered yes to either of these questions, this article could be of benefit to you. I am going to write about how to plan and create a successful small business.
Many people are looking at ways in which they can become self-employed as they have had enough of being dictated to and fed up of long and frustrating commutes to work. They want the freedom of being their own boss and to be able to choose their own hours of work.
Leaving a full time career can be quite a scary prospect however. The security of having a regular income and other benefits such as a pension and a share save scheme can seem hard to let go. I am sure many people whether rightly or wrongly have opted to stick with this security and to merely keep their business plan as an idea, which they never see through or use.
Other people are willing and happy to take the risk and see it as a way of getting out of the rat race.
When you have an idea for a new business you then need to think of a name to call it. I would keep this name quite short as it makes it easier to remember for people. It obviously needs to have something to do with the business sector you are entering.
You will now need to work out how much money you will need to set up the business. This can be quite daunting but is essential. In the short term I would advise to keep these start up costs as low as possible, you can always buy or rent better machinery in the future as an example.
Once you are aware of how much money you need, you then have to find it. You may have enough yourself via savings or a redundancy payout, however most people are not in this position. If you do not have enough money, you could try and raise money via the family, by seeking a partner or by releasing the equity from your house. There is also the option of a business loan.
The next stage is to market your product or service. There are many ways of doing this including:
-The internet via a website
-An advert in the newspaper
-Direct marketing in the form of leaflets
-An advert in the yellow pages
I would advise finding out where other people from your industry advertise as they will have tried and tested many of the above options.
You then need to work out how much to charge for your product or service. I always keep these charges fairly low at the outset in order to attract as many people as I can and to get some income in. I then hope that word of mouth will take over and the idea is that after a few months I will be in a position to increase my fees.
It is also important to realise that we will make mistakes along the way. When this happens we need to think positive and not to beat ourselves up. It is an experience we can learn from.
Always have belief in yourself. At times any business will go through a rocky period, this is when we need to be strong. In my opinion the more work we put in, the more rewards we are likely to obtain.
Self-discipline is one of the keys to your success. Being able to choose your own hours of work may seem like a dream but it can prove to be many peoples downfall. We have to ensure that we work the required amount of hours. It is far too easy to stay in bed for that extra hour or to arrange yet another game of golf. These things are fine once you are established, but this is a long way off at this stage.
Successful business owners all have one thing in common, they are never satisfied with sales levels. Whether you are making $10,000 a year or $1 million a year, there is always a possibility for growth.
Growth only comes when you realize it can happen. You will not grow if you are content or can’t see the future possibilities for growth.
Here are three easy ways that you can transform your business from the level it is at, into a profit making machine.
- Always track statistics
This may seem obvious, but most people never do it. You should always track and gather as much information as possible. Track walk in customers, track purchases, evaluate marketing, monitor amount of purchases, frequent visitors, non-buying prospects, etc.
With this knowledge you will be more informed as to how you marketing dollars are doing and where you can increase production.
- Find people you can trust
For my website, I have one person that writes nearly full time for me. I can send her topics for articles or websites, and she does the research and writes well thought out articles. I can pay her in advance and know that she is going to be there when I need writing at the last minute.
You definitely need people you can trust as well. These people may be your managers, family members, or just friends who can help in a pinch.
- Develop your passion
Sometimes I need to take a drive through the country to remember why I love what I am doing. It is easy to get caught up in the fray of customer service and deadlines, but for me the most productive time is always when I am out of my business element. Use this time away to revive your passion.
Next time you are thinking that it is not possible for your business to make money, remember and put these 3 easy tips into practice!