You Must Change The Way You Think For Your Business Success
The 10% most successful entrepreneurs always devote at least 90 minutes of each day to have quality ‘THINKING TIME’ Here, they will think about growing their sales, profits, business success and generally driving their businesses forward. Such positive thinking is imperative, if a business is not to stagnate or become mediocre.
It is very easy to get bogged down with the ‘day to day’ running of a business; then it becomes very difficult to have time to think about how to grow and improve a business.
This is what the many in business experience.
How To Create A Strong Positive Attitude & Catapult Your Business Success
By creating a strong positive attitude and mindset, it is possible to catapult your business
When the TOP 10% of business achievers in the UK and the US are repeatedly asked the question:-
“What do they put their business success down to?”
The vast majority consistently answer that a ‘STRONG POSITIVE ATTITUDE’ is the key.
Harvard Business School has repeatedly reported that there is NO CORRELATION between GRADES and ACHIEVEMENT for their students who leave the Business School – it is shown that ACHIEVEMENT is 80% POSITIVE ATTITUDE and 20% ABILITY.
BECOME ONE OF THE 10% MOST SUCCESSFUL BUSINESSES & ACHIEVE HUGE BUSINESS SUCCESS
BECOME A MEMBER OF THE '10% CLUB' - THE 10% MOST SUCCESSFUL BUSINESS ENTREPRENEURS
90% of businesses just drift along, languishing in mediocrity in terms of profits and performance. The other 10% make BIG PROFITS and are MASSIVELY SUCCESSFUL.
But often the owners of those 90% of businesses cannot see how they can elevate themselves and their businesses to do better. Many of these entrepreneurs do not realize, however, that the switch to become a member of the ‘10% CLUB’ of the 10% most successful businesses is much easier than they think.
What Is A Successful Business?
For me, a successful business is one that is growing in sales with a good profit base and a strong balance sheet. The following sums up an ideal successful business:-
- sales and net profits should be growing by at least 20% per annum, year on year
- sales should exceed £100,000 per annum in year 2 after startup & £0.5 million - £1 million + per annum after 10 years
- net profit should exceed 20% of sales
- business has strong 6 digit cash-rich balance sheet after 5 years of trading
- business owners have full control over the business
- business runs efficiently with low wastage
- business has a strong team of happy & effective employees
- business owners are happy and are not stressed
- business provides a good living for owners & a retains a good profit after owners' drawings
- owners run their business & business does not run the owners
This is a very rough appraisal.
For me, a SUCCESSFUL BUSINESS is one that is growing and making money, but is also one where the owners are in full control and are happy and are enjoying running their business with a good life balance. A successful business entrepreneur should be able to draw a good income, leaving a good residue profit for re-investment and for building the balance sheet. A successful business entrepreneur is one that could sell after, say 10 or 12 years, for a good reward that would allow them to retire or for a sum that would allow them to go a big way to providing for their long
8 Ways To Beat The Fear Of Failure
The Fear Of Failure Is Very Common & It Can Be Very Disabling, Holding Entrepreneurs Back. But It Can Be Beaten & In This Article, I Describe 8 Ways For Overcoming The Fear Of Failure.
If The Fear Of Failure Is Holding You Back, Please Read On
The fear of failure in business is very common and it can prevent people who run businesses from moving forward. It is usually a state of mind that can be very immobilizing, preventing us from stepping outside our comfort zones into the unknown, leaving us saying:
“I Can’t Do This”
This can manifest itself in someone fearing failure by feeling physically stressed and anxious and thinking: “I CAN’T DO THIS”
Are Your Products Right For Your Target Customers?
One BIG reason for business FAILURE is due to businesses trying to sell the wrong products to their TARGET CUSTOMERS.
Many businesses, especially ones that are just starting, have a product and try to find customers to buy that product. This is the wrong way to start and run a business and the wrong way to think about your product.
Design & Plan Your Product Around Your Customer
Your product should be designed and planned around your TARGET CUSTOMER and their WANTS and NEEDS.
Is Your Mindset Holding You Back?
Your mindset could be the difference between SUCCESS and FAILURE.
Psychologists suggest that business people have one of two MINDSET TYPES:-
- GROWTH MINDSET
- FIXED MINDSET
In order to determine which type YOU are, YOU should answer the following questions:-
- Is your mind free and open to NEW THOUGHTS and eager to keep learning new things?
- Are YOU always keen to keep moving yourself and your business forward, whatever it takes?
- Do YOU view challenges as exciting and eager to accomplish them?
- Can YOU step outside your COMFORT ZONE and do whatever it takes to drive your business forward?
- When YOU have a set-back, do YOU learn from the set back and bounce back quickly and keep moving forward?
WHEN STARTING A BUSINESS, DO YOUR HOMEWORK
50% of new businesses fail in the first 3 years and there are many reasons for this high rate, but ONE big reason is the lack of HOMEWORK that is done before a business is started.
What do I mean by HOMEWORK?
In short, I mean 5 things:-
I call this process RUTPA - R for RESEARCH, U for UNDERSTAND, T for THINK, P for PLAN and A for ACT.
Don’t Make The Same Mistake As Marks & Spencer
How well do you know and understand your customers? - hopefully better than Marks and Spencer!
Early in January 2016, Marks and Spencer reported poor non-food sales, while their food sales did really well. Here, Marks and Spencer demonstrates brilliantly how important it is to KNOW EXACTLY WHO YOUR TARGET CUSTOMERS are, if you are to optimize your sales.
On the food side of the business, the products offered are exactly what the customers want from Marks - the business knows and understands their TARGET CUSTOMERS and they know what PRODUCTS these customers want. And, through this knowledge, they are able to target these customers well with their marketing. The result is and has always been good food sales.