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.
This week we took Scotch O Clock to the WA Club where we we’re joined by Perth Business Experts; Jason Paizes from Prevail Solutions, David Clarke from Chase Group Insurance Solutions, Adam Brewer from Avenue 9 Dental and George Petrou from Axon Homes.
All these Perth Business owners have vast experience with creating successful businesses and share their Number 1 Business Tips and advice.
Featured Whiskey: Frank to confirm.
Business Topic Covered: Number #1 Tips in Business.
Scotch O Clock Episode 41 at the WA Club:
Topic Intro: Number #1 Tips in Business: 0:52
Guest Intro of George Petrou; Axon Homes – Honesty & Communication: 2:02
Jason Paizes; Prevail Solutions – Focusing on a specific job at one time 2:36
David Clarke on Setting client expectations and being outcome driven- 6:07
Adam Brewer; Avenue 9 – focusing on the PNL: 9:18
Frank Alderton – Know your Numbers: 10:14
Chris Alderton – face to face communication and caring for the clients well being: 14:30
Frank Alderton on Communications: 15:42
Scotch O Clock Summary: 18:34
We Hope you enjoy this Episode guys and remember to please comment and share this video to help those in regards to making sure their Business stands the Test of Time.
For more information on how we can help you in your business click on the Green Button Below.
This week on Scotch O Clock we have Frank and Chris Alderton From Alderton Financial sharing their Business Expertise.
Featured Whiskey: GlenFiddich 18 years
Business Topic Covered: Client Experience. Why it’s so Important and How it can help You in Business.
Scotch Intro :1:46 – GlenFiddich 18 years
Topic Intro: 2:19 – Client Experience
How To Improve Client’s Experience: 7:08
Online Client’s Experience: 10.26
Whiskey Tasting: 14:55
Summary of Scotch O Clock: 16:24
We Hope you enjoy this Episode guys and remember to please Comment, Tag and share this video to help those in regards to Client Experience in Business.
For more information on how we can help you in your business click on the Green Button Below.
In May 2005, Forbes magazine reported that there were 691 billionaires in the world. 1400 people across the world turn into millionaires every day. Want to become one of them? Of course you do. Everyone wants the freedom to do business in the way they choose. There is so much power in running your own business – and having a business that runs itself, which for many people is the ultimate goal.
Making money is not the only goal of becoming an internet millionaire – it’s about freedom. Many people across the world are gifted with experiencing this freedom everyday. How can you become one of these people? What kind of life, and business, do you want to run? Would you like to be able to check your email from your private plane? These are the kinds of goals many people have in mind when they begin to forge ahead with their business ideas. But the truth is that the rich and the successful – the millionaires off and online – have about nine characteristics in common, not that different from a lot of people we all know. Most of them exhibit some or all of these. The truth is that we all have the potential for greatness – if we can train ourselves to keep this in mind as we go about our business day.
- They don’t blame. Successful business people don’t blame others. Instead of making excuses for bad outcomes, or reassigning responsibility to others, they take time to learn from their own mistakes.
- They are decisive. Millionaire-types have a vision. They take quick, decisive action aligned with that vision. They’re action oriented, always pushing forward toward their goals.
- They trust their intuition. If something seems like it’s not quite right, they trust that instinct. If an opportunity excites them and sounds like a great idea, they go for it.
- They are singly focused on their CORE business. Successful entrepreneurs may be inspired by ideas, but they always remain true to their vision. They focus on opportunities that are aligned with their business’s purpose. If you sell retail products on eBay, don’t try real estate investing the next day. They don’t lose focus. They may sell their products on eBay, write articles, focus on joint ventures, and go to marketing seminars, but all of their efforts, and FOCUS, help them move toward their main goals.
- They are marketing focused. Millionaires, including such giants as Bill Gates, understand the importance of building on their core business. They hire people with specialties in marketing. They work hard at building their email lists, gaining exposure, and are constantly looking for ways to reaching a wider audience. If you want to build a decent income, you sell products and services. If you want to be insanely rich, then you create and control markets. The key to your business, and creating phenomenal success, is marketing.
- They understand the importance of continuing education. Successful businesspeople are always learning and drawing from other people’s experiences. They listen to how other people have achieved their success, especially if these people have expertise in another industry. They are constantly learning about new approaches and strategies, and thinking about how they can apply it to their own business.
- They are not afraid of making mistakes. Any big company online will tell you that they’ve had their share of downfalls, even such giants as eBay or Craig’s List. Mistakes are building blocks for success – by making mistakes, you learn what works, and what doesn’t. You don’t have to get it right, you just have to get it going. We all make mistakes, and one of the most powerful things you can do is glean feedback from them. Feedback is a great way to learn from your customers and colleagues. You need to look at feedback and take it with a grain of salt – it helps you learn and grow. See your mistakes as learning lessons
- They model their business for success. Internet millionaires model other people, strategies, and systems. They constantly look for models of success in everyday life and think about how to incorporate these lessons into their own strategy. They even look at their competition for answers. Whatever niche you’re in, subscribe to some industry newsletters, buy their products, and learn HOW they create success.
- They build a team to rely on. No matter what stage you are in with your business, you’ve got to realize that you simply cannot do it all. You can’t be an expert in everything. You want to create a great team of people. How can you find them? Go to seminars and workshops. Hone your networking skills. You’ll often find that like minded people that are out there constantly learning and attending, seminars and workshops. Getting rich is a team sport. You have to have people that are cheering you on, encouraging your success.
These are some inherent characteristics of business millionaires. Can you apply them to your business and your life, too? Of course you can. If you can keep these principles in mind, you’ve got the millionaire mindset. No, you aren’t going to get there overnight. Making a million dollars takes some time. You can’t make a million dollars if you haven’t made your first hundred. So focus on the first hundred, first thousand, and first hundred thousand. Thinking this way goes a long way toward your goals – finding success, gaining riches, and living the kind of life you want to live.
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.
Creating a successful and profitable business is no easy task. It’s reliant on many outside factors, including competition, timing and demand, which you have very little to no control over at the beginning. Assuming all of these outside factors are in your favor, having a sound business plan can lead to having a successful business. Here are five steps to consider when you’re building your business from the ground up:
1. Determine your business. What are you selling?
This question isn’t as easy to answer as you may think. For example, Nike is in the sportswear business, but the truth is that when you buy a pair of Nike shoes and a t-shirt at the mall you’re buying a lot more than sportswear — you’re buying an image, a feeling. You’re buying the Nike brand. Richard Thalheimer, the former CEO of The Sharper Image and the founder of RichardSolo.com, has worked in specialty retail for more than 30 years. When asked what business he’s in, he’ll tell you “convenience” or “innovation” before he specifies any particular industry, and he’s built one of the most powerful brands in America. Keep in mind, there’s more to a product than, well, the product. Your brand is what sets your product apart from your competitor’s.
2. Select your market. Who are you selling to?
This step is a bit less interpretive as the first, though equally important. Who are you selling to? or more importantly, what do you know about this person? Understanding your consumer is a key to success. What do they do? Where do they hang out? What do they watch on television? These are just a few of the questions that you should be able to answer about your consumer. Knowing the answers to these questions can answer a lot of questions of your own when it comes to a devising a marketing strategy. Richard Thalheimer understood his market for The Sharper Image, probably as well as they understood themselves. From an article in the LA Times, Tracy Wan, who was president and chief operating officer under Thalheimer says “Richard has the amazing ability to figure out the things that people want to have.” This ability to perceive your consumer’s desire can only be a result of knowing them like your neighbor.
3. Create a marketing strategy. How do you speak to these people?
This is a culmination of understanding your brand and your consumer. As mentioned in number two, understanding your consumer can answer a lot of questions concerning your marketing strategy: Where should you advertise? What’s the voice of your brand? What kind of prices are reasonable for this demographic? In order to engage your consumer, a.k.a. sell your product to them, you must know where your advertisements will be noticed, how to speak to them, and how much they will be able to spend, among many of things. Really, this step should have been combined with the last because who your market is dictates your marketing strategy entirely.
4. Learn by example. Seek advice from those who have done it.
There are many books written by professionals who have already started their own business and have been successful in doing so. One that comes to mind immediately, as we’ve already mentioned him a couple of times, is Richard Thalheimer. “Creating Your Own Sharper Image” shares the story of how he grew his tiny office supply company, The Sharper Image, into the thriving enterprise that it has become today.
Remember, building a successful business in not all about the dollars and cents. Equally as valuable is you brand equity and your ability to engage your consumer, which is only attainable by understanding them. Assuming there is a demand for your product, and you can compete with the other brands, following these four steps shall guide you in the right direction.
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!