This week on Scotch O Clock we discussed How Entrepreneurs Choose the Right Business.
We understand how important it is for Entrepreneurs to start the right business as unfortunately we already know many start up businesses fail within the first couple of years if certain factors aren’t taken into careful consideration.
As we deal with alot successful entrepreneurs we know business owners struggle to decide How to start the right business for them.
This week we decided to address this topic in Scotch O Clock! We wanted to give you a breakdown on how to choose the right business for you and what you must take into consideration when choosing a business.
We we’re joined on Scotch O Clock by the Successful Entrepreneur; Tom Martin who is the owner of a diversity of businesses such as Parkerville Tavern and The Blue Marron Farm. We knew Tom would be a great guest to have on the show to discuss this topic in detail and for him to give his expertise opinion on How To Choose The Right Business.
Featured Whiskey: Tomatin 2004.
Topic Covered: How Entrepreneurs Choose the Right Business.
Tune in for Scotch O Clock Episode 48 by Clicking on the video below:
*Please note we had a few sound technical difficulties in this episode*
Scotch Intro: Tom Martin 2004: 0:22
Topic of Scotch O Clock: How Entrepreneurs Choose the Right Business for them: 1:00
Tom Martin discussing How Entrepreneurs Choose The Right Business for them: 1:50
Management in Business: 3:39
Tax Structure in Business & Why Planning is crucial in business: 3:54
Whiskey Tasting: 9:45
Scotch O Clock Summary: 10:00
We Hope you enjoy this Episode guys and remember to please comment and share this video to help Entrepreneurs wanting clarity on choosing the right business for them.
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.
A large number of people who start their own business do not realise how much work and time will be involved. They fail to carry out any primary research and as a result become quickly overwhelmed.
Perhaps the first question to ask yourself then is whether you are in fact ready to start your own business. Do you have an entrepreneurial mindset? Are you committed to spend all the time you need to succeed? And are you ready to take massive action?
At first, you will have to wear many different hats; you will be the CEO, the general manager, the accountant, the salesperson, the computer technician, the secretary, the receptionist. You must therefore prepare yourself because there will be days when you are disappointed, depressed, or frustrated. You have to realise that success will not happen overnight. And it may take a year or two before you achieve your expected results.
To avoid these disappointments, here are ‘The 12 Most Common Mistakes New Entrepreneurs Make & How to Avoid Them’:
Mistake # 1 – Failure to spend enough time researching the business idea to see if it’s viable:
Numbers of new entrepreneurs have often failed because they were not truly interested in the business; they were more interested in making money. It is important to start something that you really like, because you will be spending a lot of time on it.
Your assignment – Spend all the time you need working on your business plan, which should include: your mission statement, your business strategy, research on your target market (demographics), industry analysis (size, economics, trends, success factors, challenges, etc.), your marketing plan, your financial projections and sales. – Email us on admin.aldertonfinancial.com if you need some help setting this up.
Mistake # 2 – Failure to determine whether the business actually adds value:
The most sustainable businesses, those that withstand the test of time, provide value by performing a service that people need.
Your assignment – Make sure your products or services provide value and benefit to your clients. Be ready to solve any business problems that your clients may have.
Mistake # 3 – Failure to gain a complete and total understanding of the business:
Every business has drivers; hot buttons and key levers. What drivers exist in your business?
Many business leaders, executives and management consultants would say that success largely depends on attention to detail.
Your assignment – Understand all the aspects of your business, and of particular importance, know how to present them in an easy and simple manner.
Mistake # 4 – Failure to describe the business in only one or two sentences:
No doubt you’ve experienced the entrepreneur whose business is so technical or complex that he cannot explain the concept in plain English. Or, it takes 20 minutes to convey the purpose of the business. What value or benefits does your business offer?
Your assignment – Have an efficient 15 to 60 second elevator pitch that introduces you, your business’ mission, focuses on the benefits you provide and makes you and your business memorable.
Mistake # 5 – Failure to conduct the primary research:
There are many great ideas you can latch on to, but the key in business is to make sure the idea—the central theme or mission of your business venture—can attract customers and generate sales and profits. A great idea in and of itself is not enough to start a business.
Your assignment – Take the time to gain experience, study the business, understand what makes the business work (how to serve the customers and generate profits) and what leads to losses.
Mistake # 6 – Failure to contact professionals who can help you get started:
Numbers of new entrepreneurs ask their friends and family for advice when starting a new business. The problem is that they often ask people who have never started a business; so in reality, these people are not in a position to offer sound advice.
Your assignment – Get a mentor or two. Surround yourself with experts who possess skills and expertise that you lack. Team up with professionals who can complement your strengths and cover for your weaknesses. – For advice on Business Growth, Business Strategy or Financials email us on admin.aldertonfinancial.com
Mistake # 7 – Failure by underestimating financial requirements:
Do you know how much capital you need to start your business? Do you know the market, did you calculate your cost, did you project your sales, do you know the number of clients you need? Do you know how long it will take before you get your first benefits or before you will run out of money?
Your assignment – Invest the time to work on ALL aspects, especially the major ones, of your business before you start.
Mistake # 8 – Failure to make marketing a priority:
Many new entrepreneurs start their business without determining their target, niche and demography first and as a result have failed to attract any clients. Marketing should be one of your top priorities. Devising a marketing plan will help you determine how to promote your products or services and create a system that will generate more clients for your business.
Your assignment – Dedicate a good portion of your time and energy to working on and implementing your marketing plan. Set up a meeting with yourself once a week to work on your marketing plan and whatever happens never cancel this meeting; it is essential for your business.
Mistake # 9 – Failure by under-budgeting the marketing costs:
Today the world is overcrowded with businesses and probably a number of those in your market perform essentially the same functions as you do. This means that you have to differentiate yourself from them by making your business stand out. Publicity is essential to your livelihood; otherwise you will not attract any customers.
Your assignment – Make sure you have a strategy that puts the word out there. Provide adequate publicity, business cards and marketing materials that project a professional image. Don’t try to save money on these; they are reflecting your business. A cheap business card or flyer will not make a professional impact.
Mistake # 10 – Failure to focus on the business:
Many new entrepreneurs are energetic and enthusiastic people (which is essential to success), but they can also be overly optimistic and pursue too many targets and directions at once. This typically results in mediocre results. Define your business’ mission as succinctly and narrowly as possible. When you move in too many directions at once, especially in the early days of your business, you are likely to fail to execute anything correctly; so you end up working “on the business” instead of “in the business.” In other words, you will spend all your time operating each task on your own. You won’t have the time to sit back, and decide on the best way to develop your own marketing plan, create new products, or improve your services.
Your assignment – Know you goals. Put them in writing. Make sure they are realistic, specific and measurable and that you set yourself a deadline to achieve them.
Mistake # 11 – Failure by over-marketing
Once you have developed your product or service and have perfected your offering, you may think that your offering is the best in your marketplace. But unfortunately, to be efficient you can’t sell to everyone. You need to select a specific target market and stick to it. By doing this you will have a more efficient message and will more likely achieve success much sooner.
Your assignment – Carefully determine your niche, your demography, your ideal clients, where they go, what they read, what their hobbies are, etc. Once you have a full understanding of your client’s profile you will then have a full understanding of how and where to find more of them.
Mistake # 12 – Failure to follow-up with clients
Many new entrepreneurs are often so desperate to constantly find new clients that they neglect the clients they already have and in fact end up losing business. Statistics show that it takes seven more interactions to secure a new client than to sell more to a repeated client. So develop and maintain a useful and organized follow-up system to offer new services to your clients and don’t let them slip away.
Your assignment – Constantly and consistently communicate with your current clients.
Start a newsletter, offer special sales, create new products to upsell, join affiliate programs if you don’t have your own products. People who have already bought from you will appreciate it when you recommend other products. Statistics show that up to one out of three clients will take advantage of this new offer. It is essential to build a very, very special relationship with your clients. They are your best audience.
By implementing these actions you will save you time and lot of money!
We help Entrepreneurs with all the above to grow successful businesses and make sure they’re making the next best move.
Scotch O Clock ft Mike & Nathan Karnovsky from Satchmo Cafe on How To Build, Grow & Maintain a Business
This week we we’re joined on Scotch O Clock with Mike and Nathan Karnovsky from Satchmo Cafe.
Mike and Nathan are owners of the successful well known Satchmo Cafe on Fitzgerald Street, North Perth.
If you haven’t visited yet we definitely recommend!
Featured Whiskey: The Yamazaki Single Malt
Business Topic Covered: How To Build, Grow & Maintain a Business in Tough economic Times.
Scotch O Clock Episode 45:
Whiskey Tasting: 0:43
Guest Intro: 1:12
Point of Difference in Business with creating a client friendly atmosphere: 1:57
Building a Business in tough economic times: 7:45
Seeking a customer advisor in business: 8:40
Making changes in Business to adapt: 9:20
Evolution of Business: 10:20
Technology in Business: 22.58
Start up Businesses: 25:00
Mike Karnovsky advice on starting and maintaining a business: 27:35
Do your Homework before setting up your business: 32:15
Respect your customers: 34:50
Advice in Business: 35:00
Scotch O Clock Summary: 35:45
We Hope you enjoy this Episode guys and remember to please comment and share this video to help those in business.
Some would say that big business has it made; I on the other hand believe that there will always be a special place for the little business guy. Entrepreneurs have an edge over their bigger competitors. So while the Amazon’s of the world are struggling to break even from their multi billion-dollar overheads, the smaller Dot coms are already realizing profits. What advantages do the “little” guys have in the marketplace? Below is how to “think like a startup” and realize greater success.
HOW TO KEEP THE ENTREPRENEURIAL EDGE:
1) STAY IN TOUCH WITH YOUR CUSTOMERS
Ever heard of the 80/20 rule? The old adage says that 80% of your business will come from 20% of your customers. In business, the customer is king. It’s far easier to sell to an existing customer than to find a new one. So, once you get a customer, you need to service the heck out of them.
So how do you make your customers feel like they are number one? By letting them know that they are top priority. This means answering your own phone, replying quickly to email requests. It means staying in regular communication with your customers. Keep up a good rapport. Send an occasional email asking them what’s new. Mail birthday cards or a customer anniversary card. Gestures like these can build close, long lasting customer relations and goes a long way to building customer loyalty.
In addition to building stronger customer relationships, keeping in touch with your customer base can enable dot coms to offer one to one marketing. By identifying your customers needs and buying habits, you can personalise product packages and service offerings to meet your customer’s individual needs.
2) LISTEN TO THE BEAT OF THE STREET
If small business owners want to keep their head above water, they need to closely monitor their environments. By “listening” to the pulse, you can think proactively rather than re actively. This means spotting things when they are coming so you can act quickly and take advantage.
Web stats – Do you look at your web stats regularly? Or are you guilty of being too “busy” to make time? Unless you regularly look at your web traffic reports, they probably will read like a foreign language to you. By looking at your web reports regularly, you’ll be able to spot trends. What pages are your visitors going to? What is the hits-to-sales ratio? What can you do to improve that number?
Feedback – Another way to “listen to the beat” is to get feedback from your customers. Try to be on a first name basis with your customers. Ask them how they are doing and if there is anything you could assist them with. The answers you’ll receive will be worth their weight in gold.
Industry news – Keep up with the industry by reading everything you can get your hands on. When you work in “living room central” it’s easy to let yourself be isolated from the world. You can’t rely on your favourite soap operas to keep you informed about the current trends in business. So put down your munchies and flavoured coffee and make a concerted effort to stay “in the know” by subscribing to print magazines and online newsletters
When I think about flexibility, the childhood rhyme “Jack be nimble, Jack be quick, Jack jump over the candlestick” comes to mind. In order to keep from being burned, small businesses need to be nimble and quick. This means having the flexibility to act quickly in response to changes in the marketplace. Like a surfer riding a wave, you have to be in just the right place at the right time to ride the crest of the wave and get the best ride. Likewise, if small businesses monitor closely what’s going on in the marketplace, they can act quickly to take advantage of current events and trends in the marketplace.
They say what gets measured, gets managed. Keep a close eye on your monthly financials. Listen to your customers. Measure the effectiveness of your advertising. Then when you see a difference ask yourself, “was that good or bad” and ACT!
4) TAP INTO THE FIRE AND LET IT FUEL YOU
Simply said, small business owners want it more. Because of this, they will try harder and go the extra mile. That’s why big companies like Wal-Mart and Saturn have made their employees part owners in the company. They have seen that people will work harder for themselves than for anyone else.
The best secret to success as an entrepreneur is to find something you are passionate about and create a business around that. When you do something you love you’ll never “work” a day in your life. Entrepreneurs have that fire in their belly. Find a way to tap into that internal fire and let it fuel you to success.
While big companies will often be able to offer the lower prices, small businesses will always be able to pile on the value. By offering better service, adding bonuses, giving and discounts on related products, the entrepreneurs can add more bang for the buck.
6) CREATIVE SPARK
What’s great about the entrepreneurs is that they aren’t afraid to try something new. When I think of “creative spark”, I think of my son, when he was three years old, eyeing a package of cookies up on top of the refrigerator. He doesn’t know that it is up really high and that climbing up there is dangerous. He only sees the cookies and starts stacking chairs and climbing until I find him sitting on top of the fridge with a big smile and a mushy cookie face. Similarly, entrepreneurs don’t “know” if something will work or not and fearlessly forge forward with their eyes on the prize. This innovation helps them to tap into new products, techniques, and processes.
They say, when the going gets tough, the tough gets going. When the market starts putting the heat on your business, ask yourself, are you staying “sharp”? Do you still have the entrepreneurial edge? By thinking like a start up, you will find that you will have the staying power to compete with the big boys on the block. And you’ll find that kind of hard-earned success is “oh” so sweet!
This week we we’re joined on Scotch O Clock with Chad Barnier discussing Personal Branding.
In this episode we talk all about Personal Branding in Business and How it can help you in your business.
Featured Whiskey: ArdBeg 10 year old Single Malt
Business Topic Covered: Personal Branding
Scotch O Clock Episode 44:
Whiskey Tasting: 0:20
Topic Intro: Personal Branding 1:30
Chad Barnier discussing Personal Branding in Business: 2:27
Why Your Personal Brand doesn’t get a day off; being inauthentic: 4:40
Why people in professional service industries need personal branding: 8:02
The “Mere Exposure Effect”: 12:00
Scotch O Clock Summary: 14:30
For more information on how we can help you in your business click on the Green Button Below.