business coach, business success, business advice, business plan, starting a business, start up business, how to start a business

MAKE YOUR BUSINESS STARTUP A SUCCESS BY DOING YOUR HOMEWORK!

MAKE YOUR BUSINESS STARTUP A SUCCESS BY DOING YOUR HOMEWORK!

When YOU start your new business startup, YOU want it to be a phenomenal success, but sadly 50% of new businesses fail in the first 3 years.

You don’t want this to be YOU – so START YOUR BUSINESS RIGHT.

business coach, business success, business advice, business plan, starting a business, start up business, how to start a business

There Is a Big Reason For Failure

ONE big reason is the lack of HOMEWORK that is done before a business startup proceeds.

What do I mean by HOMEWORK?

In short, I mean FOUR things:-

  • RESEARCH
  • UNDERSTAND
  • THINK
  • PLAN

You Must Research Everything

When YOU start a new business, YOU must RESEARCH heavily literally EVERYTHING to do with your new business. The most important parts are:-

  • Your TRADING MARKET & your COMPETITORS
  • Your CUSTOMERS
  • The PRODUCTS you will sell
  • The CUSTOMER SERVICE you should provide
  • The PRICES you will buy your PRODUCTS for and the PRICES you will sell them for
  • Your MARKETING
  • Your BUSINESS NUMBERS

With the RIGHT RESEARCH, YOU should sit down to UNDERSTAND what you have learned and have a good THINK about EVERYTHING. From all this, a good practical BUSINESS PLAN should be created – one that will deliver SUCCESS for your new business.

Understand Your Trading Market

It is important to know everything about the TRADING MARKET that YOU are about to enter – information such as what is the monetary value of the market, is it growing or shrinking and who are the competitors?

Your new business is more likely to be successful, if your trading market is growing and there are not too many competitors; a shrinking market and too many competitors could make it difficult.

Know Your Customers, Your Products & Your Customer Service

Then, YOU need to know who your likely customers are and understand them as fully as possible – such knowledge would allow YOU to understand their needs and wants and what products your business could supply them with.

Your Customer Service is just as important as your products and you need to know what customer service to provide in order to get your products to your customers.

Understand Your Competitors

A good way to learn about your target customers and the products that you should sell is from your likely competitors. If you are to compete effectively against your competitors, you will need to grab many of their customers and sell the same or similar products.

You should look at the target customers and understand who they are. You need to buy some of their products and analyse these closely and understand why these customers buy these products. Finally, you need to look at the customer service offered and look at customer reviews to see what their customers think.

If you are to compete successfully, you need to be much better than your competitors – your products and customer service both need to be excellent. You should look for your competitors’ strengths and try to be much better, but you should also look for their weakness and try to exploit these.

Know Your Prices

Prices are important and you need to learn about the selling prices for the products in the trading market; understand what prices your target customers will pay and whether quality is more important than price, for instance. If quality is more important, this gives you scope to charge higher prices.

Again, you can gather much information on pricing from your competitors but think that it does not always pay to be the cheapest in your market.  Many new business startups have accrued a lot of customers and sales by being too cheap, but have failed because there was no profit.

Look At Your Marketing

By knowing your customers and how to reach them through your marketing, YOU can work out how you will market your business. Many new start-ups fall into the trap of spending a lot on advertising that does not work and this often drains their resources.

Try to do as much free marketing as you can – online social media marketing is a must along with a good website and try to get free PR marketing by telling the media about you and getting them to spread the news.

Know Your Numbers

Your numbers are really important & you must research and understand these – remember 50% of new start-ups fail because they don’t make enough money for a profit; their numbers go wrong – your numbers are important.

You must research what your likely sales, gross profit and costs will be. Then, YOU should create a realistic projected profit and loss projection for the first year or so and see what your profit is likely to be and when your startup will make money; ideally you want to make a profit within the first six months.

The quicker you can make a profit the better, so try to aim to become profitable almost immediately.

Create A Simple Business Plan

When your RESEARCH is complete and YOU feel you fully understand EVERYTHING, YOU should put a simple BUSINESS PLAN together and ideally get a business coach or mentor to review it for YOU; a critical review should highlight your strengths and weaknesses.

The better your plan, the better your chances of success.

Then Put Your Plan Into Action

When YOU are happy with your plan and when YOU are ready to start, YOU should LAUNCH your business – don’t just start it, however, but LAUNCH it under a blaze of publicity!

So many new start-ups start with a whimper & they never really get going and fail very quickly.

business coach, business success, business advice, business plan, starting a business, start up business, how to start a business

Summary

By RESEARCHING very heavily and very comprehensively EVERYTHING within your new business, YOU will be able to UNDERSTAND your business FULLY, before YOU actually START.

YOU should then use some quality THINKING on how your business will be moulded and how it will RUN and put this into a PLAN.

Once and, only once, YOU are READY TO START your business, YOU should ACT and get started BY LAUNCHING your new business.

Be A Success

Too often businesses START with only a fraction of the RESEARCH and UNDERSTANDING that is needed for success.  WRONG THINKING and PATCHY PLANNING then follows and the business has a POOR START.  These businesses then struggle for the early months or years before eventually FAILING.

If YOU are STARTING A NEW BUSINESS, YOU should take your time and only OPEN when YOU are READY.

HAVE SMART BUSINESS THINKING,  SMART BUSINESS ACTIONS

If you would like to continue the conversation, please leave a comment below or email me at Robert@prsetigebusinesscoaching.co.uk

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YOU MUST HAVE FULL CONTROL OF YOUR BUSINESS

YOU MUST HAVE FULL CONTROL OF YOUR BUSINESS

YOU MUST HAVE FULL CONTROL OF YOUR BUSINESS

YOU MUST HAVE FULL CONTROL OF YOUR BUSINESS

You must have full CONTROL of your business, if your business is to be a success and if YOU are to make it into the ‘10% CLUB’

But many small and medium sized businesses struggle to achieve TOTAL and ABSOLUTE CONTROL.

Many businesses start because they have a PASSION for a particular product. And, this is where their FOCUS lies.

Many People Have Full Focus On The Parts That Interest Them Most

They develop great PRODUCTS but often their FULL FOCUS stops there. They seem to forget that a business comprises MANY PARTS and the PRODUCTS are just ONE of those PARTS and the other PARTS must RUN very efficiently to support the SALE of those PRODUCTS.

They Have Less Focus On Other Parts

They have LESS FOCUS on these other PARTS, often, because they don’t find these PARTS so interesting.

Often The Back Office Receives Less Focus

One BIG PART that often receives LESS FOCUS is the BACK OFFICE and the necessary PAPERWORK that is associated with it. This is something that many people seem to struggle with –  they simply don’t enjoy it and they would rather put the efforts into the PARTS that they enjoy.

Each Business Can Be Divided Into 7 Parts

Each small and medium sized business can be divided into the following SEVEN GENERAL PARTS:-

  1. CUSTOMERS
  2. PRODUCTS
  3. MONEY
  4. MARKETING, BRANDING & SELLING
  5. CUSTOMER SERVICE
  6. BUSINESS RUNNING & BACK OFFICE
  7. EMPLOYMENT

Every business has ALL of the above, unless YOU have NO EMPLOYEES.

Every Part Of Your Business Has Equal Importance

Every PART is as important as the other PARTS within the business. If YOU are to OPTIMIZE your BUSINESS SUCCESS and your BUSINESS PROFIT every PART must be RUN to its BEST.

If ONE PART is run LESS WELL, then this will affect the WHOLE BUSINESS.

You Must Put Full Focus Into Each Part

As a business owner, YOU must THINK that YOU must put equal FOCUS into each PART and YOU must make sure that each PART is run as well as YOU can possibly RUN it.

Run Each Part Of Business Well For Full Control

When YOU achieve that, YOU will have FULL CONTROL of your business.

YOU must THINK that FULL CONTROL is needed for the SUCCESS of your business and YOU will only achieve FULL CONTROL, by CONTROLLING EACH PART of your business, NOT just some of them.

BY CONTROLLING EACH PART, YOU ACHIEVE TOTAL CONTROL.

Think To Divide Your Business Into 7 Parts

The place to start with attaining FULL CONTROL is to THINK about the SEVEN PARTS of your business and analyze EACH PART and how well each is RUN.

YOU should be very critical of EACH PART and see where your STRENGTHS and WEAKNESSES are. YOU must correct the WEAKNESSES of each PART.

You Must Have All Seven Parts Running To Their Best

When YOU have ALL SEVEN PARTS RUNNING to their BEST, then YOU will have FULL CONTROL and, once this is in place, YOU must make sure that YOU retain this CONTROL.

Poor Control Can Lead To Failure

Poor CONTROL can lead to FAILURE in the most severe of cases, so ACT now, before it becomes too serious.

YOU MUST HAVE FULL CONTROL OF YOUR BUSINESS

YOU MUST HAVE SMART BUSINESS THINKING ABOUT THE CONTROL OF YOUR BUSINESS.

SMART BUSINESS THINKING MUST COME INTO EVERYTHING THAT YOU DO IN YOUR BUSINESS

HAVE SMART BUSINESS THINKING & SMART BUSINESS ACTIONS

If you wish to discuss this with me more fully, please email me at Robert@prestigebusinesscoaching.co.uk or leave a comment below.

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How To Become One Of the Most successful Businesses - www.prestigebusinesscoaching.co.uk/business-blogbusiness-people

BOOST YOUR BUSINESS SUCCESS

Originally posted April 2016, updated January 2017

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 & many never really achieve real business success.   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.

business success, how to be successful in business, business advice, business plan, entrepreneur

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 term.

Sadly, too many business owners do not find themselves in the scenario of the ideal successful business that I describe above.   Many of the 90% of businesses have poor mediocre sales and profits with low or no growth.  These  owners find themselves stressed as a result and importantly they are not happy and are not enjoying the experience of running their businesses.

Many business owners would say that money is not important and I think that can be right, but I know from experience that a business is much easier to run and provides a happier experience for the business owners if sales and profits are growing at a good rate of the order of 20% or more.

If you are a business owner, where growth in sales is flat and profits are poor, you should think that it is much easier to transform your business nearer to the scenario that I describe above than you possibly think.

If YOU want to make the change and to become a great BUSINESS SUCCESS, the place to start is to think that your business is about TWO FUNDAMENTAL PARTS:-

  • PART 1 IS YOU & YOUR ATTITUDE
  • PART 2 IS YOUR BUSINESS STRATEGY

Harvard Business School has consistently said that business success is consistently down to ATTITUDE rather than STRATEGY.  You can have the best business strategy and the best business plan but if your attitude is poor, then your strategy is not going to work and YOU will never achieve real BUSINESS SUCCESS.

As the business owner, your business success is determined by YOU.  So if YOU want to become one of the most successful business entrepreneurs and achieve huge business success, YOU have to change ‘YOU’.  YOU have to become like the most successful in business.

PART 1 is YOU and includes:-

  • YOUR MINDSET
  • YOUR ATTITUDE
  • YOUR THINKING
  • YOUR ACTIONS

Part 1 includes your mind, your mindset, your attitude and your thinking and how YOU carry out your actions within your business.  Generally, the stronger and more positive your attitude and having a mindset that will take YOU outside your comfort zone will create better outcomes to your actions.

The most successful business entrepreneurs all have the same mind characteristics and consistently have similar attitudes and mindsets.  Consistently most successful entrepreneurs have the same qualities, such as:-

  • BURNING DESIRE FOR BUSINESS SUCCESS
  • HUGE BELIEF IN THEIR BUSINESS SUCCESS
  • GREAT EXPECTATION OF THEIR BUSINESS SUCCESS
  • BIG BELIEF IN THEIR BUSINESS ABILITY
  • STRONG POSITIVE ATTITUDE
  • GREAT DETERMINATION, DRIVE & PERSISTENCE
  • MASSIVE OPTIMISM
  • SETTING OF GOALS
  • MASSIVE FOCUS
  • GREAT PASSION
  • POSITIVE THINKING
  • SMART BUSINESS THINKING
  • GOOD DECISION MAKING
  • NEVER PROCRASTINATING
  • SMART BUSINESS ACTIONS
  • ABILITY TO STEP OUTSIDE THEIR COMFORT ZONE
  • NO FEAR OF FAILURE
  • ABILITY TO LEARN FROM THEIR MISTAKES
  • ABILITY TO REBOUND QUICKLY FROM SET-BACKS

The most successful business entrepreneurs all have the same or similar MINDSET that allows all of the above and if YOU wish to replicate their business success, YOU need to develop the same MINDSET.

From my experience, the right business mindset starts with a STRONG, POSITIVE ATTITUDE, a BURNING DESIRE to be successful, a MASSIVE BELIEF in SUCCESS and a MASSIVE BELIEF in the ABILITY to achieve everything within the business.

GOAL SETTING is incredibly important for maintaining the right mindset. The most successful entrepreneurs in business all use goal setting and they always work hard to achieve their goals, with each goal achieved propelling them forward. By continually setting and achieving goals means the most successful are continually making progress.

The process of GOAL SETTING creates intense FOCUS which, in turn, creates DETERMINATION, PERSISTENCE, DRIVE, OPTIMISM and PASSION making it possible to do whatever is necessary in the business including STEPPING OUTSIDE THE COMFORT ZONE.

SUCCESSFUL ENTREPRENEURS don’t FEAR FAILURE;  importantly, many have experienced FAILURE and SET-BACKS. They view SETBACKS as part of the learning process and part of the process to achieving business success. Importantly, they learn from each experience and they never repeat the mistakes.  Each one is very resilient and don’t linger on the setbacks.  They shrug off the setback and get moving forward again, quickly.

The big consequence of all this is that SUCCESSFUL PEOPLE make QUICK and SMART DECISIONS, eliminating PROCRASTINATION.  SMART BUSINESS ACTIONS result within their businesses that drive their businesses forward and generate great profits.

The TOP 10% most successful business entrepreneurs have all of the above and if YOU can replicate them, then YOU should be SUCCESSFUL, too.

And, that will help YOU achieve PART 2.

PART 2 is YOUR BUSINESS STRATEGY.

Having the right BUSINESS MIND allows the most successful in business to set and execute the BEST BUSINESS STRATEGY and the BEST BUSINESS PLAN for their businesses. In my view, LASER FOCUS derived from having the RIGHT BUSINESS MIND becomes highly effective in the key areas of the business:-

  • UNDERSTANDING THE TARGET CUSTOMERS & THE TRADING MARKET
  • BUILDING AN ARMY OF LOYAL CUSTOMERS
  • CREATING THE RIGHT PRODUCTS
  • CREATING A STRONG BRAND
  • DELIVERING THE RIGHT CUSTOMER SERVICE
  • CREATING THE ULTIMATE CUSTOMER EXPERIENCE
  • HAVING HIGHLY EFFECTIVE MARKETING
  • DRIVING HIGH SALES & HIGH PROFITS
  • EMPLOYING & TRAINING THE RIGHT STAFF
  • CREATING EFFICIENT BUSINESS SYSTEMS
  • RUNNING THE BUSINESS EFFECTIVELY & EFFICIENTLY
  • CREATING A MONEY RICH BUSINESS
  • HAVING FULL CONTROL OF THE BUSINESS

The most successful ENTREPRENEURS in business UNDERSTAND FULLY their TARGET CUSTOMERS, their COMPETITORS and their TRADING MARKET. This allows them to provide the RIGHT PRODUCTS and the RIGHT CUSTOMER SERVICE that deliver the right benefits for a HUGE ARMY OF LOYAL CUSTOMERS and create superb CUSTOMER EXPERIENCES.

The most successful are also continually creating MARKETING that creates a STRONG BRAND and delivers more CUSTOMERS and more SALES.  They also FOCUS heavily on employing the RIGHT STAFF and training and treating them RIGHT and on creating STRONG SYSTEMS to run their businesses effectively and efficiently.

Importantly, they also FOCUS heavily on the the MONEY within their businesses and FOCUS on generating PROFIT and keeping their businesses CASH RICH.

All of this is possible because of a STRONG BUSINESS MIND, i.e. PART 1.

PART 2 is possible because of PART 1.

So for YOU to become one of the MOST SUCCESSFUL in business and for YOU to have huge BUSINESS SUCCESS, YOU need first a STRONG BUSINESS MIND and that will allow YOU to RUN your business much better.

The most successful in business do this and YOU can do the same –  YOU just need to decide that YOU will do it.

It could be much easier than YOU THINK.

business success, how to be successful in business, business advice, business plan, entrepreneur

This website is full of useful business articles and features to show YOU how to BECOME A MEMBER OF THE ‘10% CLUB’, so for your future, please take the time and explore it.

To start, YOU should read the following:

Have a Strong Positive Business Mind

Have Smart Business Thinking

Have Smart Business Thinking

If you wish to talk to me more about this, then please contact me: Robert@prestigebusinesscoaching.co.uk or leave a comment below:-

HAVE SMART BUSINESS THINKING & SMART BUSINESS ACTIONS

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Put Your Customer At The Heart Of Your Business

Put Your Customer At The Heart Of Your Business

If YOU have read my article ‘Your Customer Is King’, YOU should now think that your CUSTOMER is the MOST IMPORTANT PART of your business –  your CUSTOMER must be at the HEART of your business & you must prioritize achieving CUSTOMER LOYALTY.

If YOU are starting a new business or YOU are already running a business, YOU must THINK this.

Your business must be built around your customer.

Put Your Customer at The Heart Of Your Business

Your business SUCCESS and your PROFITS are directly related to how many CUSTOMERS buy from YOU, how much they buy from YOU and how much they spend with YOU.

If YOU only have a MEDIOCRE NUMBER OF CUSTOMERS buying a MEDIOCRE NUMBER OF PRODUCTS from YOU and SPENDING only a MEDIOCRE AMOUNT of MONEY with YOU, YOU will only have MEDIOCRE BUSINESS SUCCESS and a MEDIOCRE PROFIT.

But have a HUGE ARMY OF LOYAL CUSTOMERS buying LOADS of your PRODUCTS and have this HUGE ARMY OF LOYAL CUSTOMERS returning to your business, repeatedly to keep BUYING MORE, SPENDING LOADS of MONEY with YOU, then YOU will take your business away from MEDIOCRITY into being a MASSIVE SUCCESS with MASSIVE PROFITS.

Change Your Thinking

You must CHANGE YOUR THINKING –  THINK to put your CUSTOMER at the HEART of your BUSINESS and RUN your business around your CUSTOMER.

The place to start is to IDENTIFY a LARGE group of your TARGET CUSTOMERS for your business. YOU should then IDENTIFY what HELP MOST of them need from your business.  Then, YOU should PROVIDE the right PRODUCTS that will HELP MOST of them.

When YOU are happy that MOST of this LARGE GROUP of TARGET CUSTOMERS will repeatedly buy from YOU and become LOYAL CUSTOMERS and SPEND LOADS of MONEY with YOU, YOU should THINK about the PRICE that they will pay.

Some quick numbers should then follow, taking into account an estimate of what your REVENUE SALES and COSTS will be –  if your business proposition looks very VIABLE with MASSIVE PROFITS likely, then YOU should consider continuing with your business idea.

But only if MASSIVE PROFITS are likely.

Take Your Thinking Further …

YOU should then take your THINKING MUCH FURTHER –  YOU should THINK how YOU can OPTIMIZE SALES with your group of TARGET CUSTOMERS.

YOU should THINK about:-

  • ESTABLISHING SUPERB CUSTOMER TRUST
  • PROVIDING SUPERB CUSTOMER SERVICE
  • CREATING MASSIVE CUSTOMER SATISFACTION
  • PROVIDING TARGETED MARKETING THAT WORKS
  • PROVIDING EFFECTIVE CUSTOMER COMMUNICATION

Your TARGET CUSTOMERS will only buy from YOU, if YOU get these RIGHT, too. CUSTOMERS will only buy from YOU, if they TRUST YOU, your BUSINESS and your PRODUCTS.  Your CUSTOMER SERVICE has to be SUPERB and must be modelled on the CUSTOMER SERVICE that your CUSTOMERS want from YOU.

SUPERB CUSTOMER SERVICE has to be your OBJECTIVE with all this.

YOU must also THINK about SUPERB TARGETED MARKETING and SUPERB CUSTOMER COMMUNICATION for procuring and keeping your TARGET CUSTOMERS –  this must involve TELLING YOUR CUSTOMERS what they want to hear.

Most Small & Medium Sized Businesses Don’t Think Like This

Most small and medium sized businesses don’t THINK in this way and they don’t put their CUSTOMERS at the HEART of their businesses.

If YOU are one of these –  CHANGE YOUR THINKING NOW!

Set a NEW OBJECTIVE –  PUT YOUR CUSTOMER AT THE HEART OF YOUR BUSINESS AND MODEL AND RUN YOUR BUSINESS AROUND YOUR CUSTOMER.

If YOU wish to discuss this further with me, please email me at Robert@prestigebusinesscoaching.co.uk

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Have Smart Business Actions
Have smart business actions for your business success

Become One The Most Successful Entrepreneurs By Changing Your Actions

Become One The Most Successful Entrepreneurs By Changing Your Actions

SMART BUSINESS ACTIONS WILL CREATE GREATER BUSINESS SUCCESS

Having acquired a STRONG POSITIVE BUSINESS MIND and a STRONG POSITIVE ATTITUDE and from using the POWER OF THOUGHT and SMART BUSINESS THINKING, the ACTIONS within a business become MUCH BETTER.

business success, business advice, business plan, entrepreneur, positive thinking, power of thought

This is why the top 10% most successful entrepreneurs achieve far greater BUSINESS SUCCESS than the other 90%.

They have SMART BUSINESS ACTIONS.

These SMART BUSINESS ACTIONS then deliver results that add CUSTOMER NUMBERS, SALES and PROFITS etc. over time to their businesses thus creating huge BUSINESS SUCCESS.

But because the top 10% entrepreneurs have spent QUALITY TIME on QUALITY SMART BUSINESS THINKING, most, if not all, of their ACTIONS are RIGHT for their businesses and their actions deliver the RIGHT RESULTS for their businesses.

The Smart Business Actions Are Innovative & Creative

The SMART BUSINESS THINKING of the top 10% entrepreneurs is CREATIVE and INNOVATIVE which means that their SMART BUSINESS ACTIONS are also CREATIVE and INNOVATIVE, too.

Their SMART BUSINESS ACTIONS will always be focused on their CUSTOMER with the aim of continually creating ways to build and maintain an army of loyal and happy customers, who always want to buy their products, keeping them ahead of the competition.

The Top 10% Entrepreneurs Make Decisions

The top 10% of the most successful entrepreneurs make DECISIONS very quickly and they always attach GOALS to each DECISION and create a STRATEGY for implementation. By doing so, each DECISION is EXECUTED QUICKLY and in the RIGHT WAY.

The Top 10% Entrepreneurs Are Achievers & Don’t Procrastinate

Once the top 10% entrepreneurs make a DECISION, it is implemented –  they work with URGENCY and don’t DELAY or PROCRASTINATE as they know DELAY is MONEY.

The Top 10% Entrepreneurs Always Measure Progress

The top 10% entrepreneurs always MONITOR and MEASURE PROGRESS with all their SMART BUSINESS ACTIONS. If things are not progressing RIGHT in accordance with their STRATEGY, they are never afraid or slow to change or modify the strategy.

The Top 10% Entrepreneurs Are Always More Organized

The top 10% are always MORE ORGANIZED in their lives and their businesses and this leads to greater EFFICIENCY & EFFECTIVENESS. This means that they can achieve MUCH MORE with less effort and in less time than one of the 90%.

The Top 10% Entrepreneurs Are Usually Less Stressed And More Happy

As a result of being more ORGANIZED and more EFFICIENT, generally the top 10% of the most successful entrepreneurs are less STRESSED and are more HAPPY;  and this is important –  STRESS and UNHAPPINESS can affect your health significantly.  Also HAPPY businesses always trade better and if the boss is happy, then so should the rest of the business be happy, too!

The Top 10% Entrepreneurs Always Have Clear Strategies

The top 10% most successful entrepreneurs always create clear and precise STRATEGIES for the major parts of their businesses:-

  • UNDERSTANDING THEIR CUSTOMERS & THEIR NEEDS
  • CREATING THE RIGHT PRODUCTS
  • SELLING THEIR PRODUCTS
  • CREATING GREAT CUSTOMER SATISFACTION & EXPERIENCES
  • COMPETING AGAINST THEIR COMPETITORS
  • CREATING PROFITS & CASH-FLOW
  • MARKETING THE BUSINESS AND THE BRAND
  • HIRING & TRAINING OF STAFF
  • RUNNING THE BUSINESS

For each STRATEGY, OBJECTIVES will be set and these will be achieved by the setting and achieving of several GOALS.

The Top 10% Entrepreneurs Research, Understand, Think, Plan & Act

The Top 10% most successful entrepreneurs always RESEARCH everything within their businesses and this leads to a SUPREME UNDERSTANDING of their businesses. Then, through SMART BUSINESS THINKING and SMART PLANNING and the setting of SMART STRATEGIES, they are able to execute SMART BUSINESS ACTIONS.

I call this RUTPA, an acronym for:-

  • RESEARCH
  • UNDERSTAND
  • THINK
  • PLAN
  • ACT

RUTPA is a big part of every successful entrepreneurs arsenal and a big contributor to their BUSINESS SUCCESS and YOU should do the same.

business success, business advice, business plan, entrepreneur, positive thinking, power of thought

This Is A Rough Snapshot

This is a rough snap-shot into how effective SMART BUSINESS ACTIONS can be for driving BUSINESS SUCCESS.

But, it is important to realize that ACTIONS will only be SMART as a result of having acquired a STRONG POSITIVE BUSINESS MIND and a STRONG POSITIVE ATTITUDE and from using the POWER OF THOUGHT and SMART BUSINESS THINKING.

Generally the stronger your BUSINESS MIND and the better your SMART BUSINESS THINKING and the more time that you can devote to it, the better your SMART BUSINESS ACTIONS will be, the the better your business will trade and the greater your business success will be.

Have a STRONG BUSINESS MIND, SMART BUSINESS THINKING and SMART BUSINESS ACTIONS and YOU should over time be able to boost your BUSINESS SUCCESS and enter the ‘10% CLUB’ – the 10% of most successful entrepreneurs.

There is plenty more on this site regarding SMART BUSINESS ACTIONS.

If you wish to discuss this further with me, please email me at Robert@prestigebusinesscoaching.co.uk

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Other Suggested Reading

business succes, positive thinking, power of thought

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business success, how to be successful in business, business advice, business plan, entrepreneur

Have Smart Business Thinking
Have smart business thinking

For Your Business Success, Think As The Most Successful Think

For Business Success, Think As The Most Successful Think

You Must Change The Way You Think For Your Business Success

It is possible to enhance your business success through the power of thinking and positive thinking.
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.
business success, business advice, power of thought, positive thinking, business plan
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.
When I visit such businesses, I constantly hear “I have not got time…”
These businesses would have time, if they were better organized, more efficient and better disciplined.  The top 10% of business entrepreneurs are supremely well organized and disciplined and this allows them to have quality ‘THINKING TIME’ and, because of this, their businesses are constantly being driven forward and many achieve massive business success.

The Thinking Of The Top 10% Entrepreneurs Is Very Different

But the THINKING for the top 10% of entrepreneurs is also DIFFERENT in several ways.
Fundamental to all their THINKING is the POWER OF THOUGHT;   this is the ENGINE that drives the THINKING PROCESS.
Napoleon Hill in his best selling 1939 book ‘THINK & GROW RICH’ says that “YOU BECOME WHAT YOU THINK ABOUT”  If YOU think something enough, YOU can become what YOU think.
Many of the most successful entrepreneurs have used the THINKING PROCESS to become a business success and to become rich;  they decided they would become ‘RICH’ and through THINKING about being RICH, they have achieved it.
The process is called PROGRAMMING THE MIND and I described briefly how it works in my article Create A Strong Positive Attitude For Your Business Success’    If you have not read it, I strongly suggest you do.
business succes, positive thinking, power of thought
Once you have PROGRAMMED YOUR MIND to think that you will become a BUSINESS SUCCESS and become RICH, your THINKING will change and you will start to THINK DIFFERENTLY in the same way that the top 10% of business entrepreneurs THINK.

The Thinking Of The Top 10% Is Different In Two Ways

The THINKING of the top 10% is different in TWO WAYS:-
  • HOW THEY THINK
  • WHAT THEY THINK
In short, their THINKING is VERY CREATIVE, VERY ANALYTICAL and VERY INNOVATIVE and they THINK ‘OUTSIDE THE BOX’ –  they will dissect everything within their businesses and analyze everything in the greatest of detail.
Let me give you some examples of how their THINKING works.

Customers

Their THINKING about customers is very different to most in business;   they THINK that without customers they have no business and no profits, so they design their whole business around the wants and needs of their customers.
They set out to know exactly who their target customers are and they study these target customers in great detail.  This knowledge and understanding allows them to understand exactly what benefits their customers want and need from their business and in particular the following:-
  • Products
  • Customer Service
  • Customer Experience
  • Prices
  • Customer communications
These entrepreneurs will even go further and try and understand the psychology of their customers and try to think as their customers do;  by doing this they can provide exactly the right products, the right customer service, the right customer experience at the right prices.
Part of the process is to continually review and measure the processes involved;  for instance, they will constantly monitor how happy their customers are with their products and their service and when things go wrong, the situation is rectified very quickly.
They also think about creating an army of loyal customers who keep returning to buy more and more, repeatedly and of turning their customers into advocates as a definite strategy.
This THINKING creates a heavy FOCUS on the TARGET CUSTOMER and ensures that everything that their customer receives from their business is exactly RIGHT and of the HIGHEST QUALITY.

Marketing

They also think differently about the MARKETING.
They set out to create and maintain a STRONG BRAND through their marketing and everything else that they do.  But also they make sure that through their understanding of their TARGET CUSTOMERS, they can target them very efficiently with the RIGHT MARKETING and effectively convey the right message.
Again, they constantly measure the effectiveness of their marketing to ensure it works right and is cost effective.

Money

They are constantly thinking about their BUSINESS NUMBERS and they don’t leave it the accountant to tell them what their numbers are.
They KNOW and UNDERSTAND all their NUMBERS and they spend time analyzing everything.  When the numbers change, such as sales, margins or cash-flow they detect these changes immediately and take action, before problems set in.

Total Control

The top 10% of successful entrepreneurs all know how important CONTROL if their businesses are.  They achieve this by having LASER FOCUS on EVERYTHING within their business.  This means a HIGHLY EFFICIENT and a HIGHLY EFFECTIVE BUSINESS with little waste.
These are just a few examples of how the THINKING of the most successful entrepreneurs works.
business success, business advice, power of thought, positive thinking, business plan

Smart Business Thinking Starts With The Power Of Thought

To make the change, you must first decide that you will find about 90 minutes each day to THINK about ALL PARTS of your business in a MORE CREATIVE, a MORE ANALYTICAL and a MORE INNOVATIVE WAY.
Once this has become a HABIT, you will start to feel MORE FOCUSED and YOU will start to see things with GREATER CLARITY and, most importantly, you will see ways that you can make improvements to your business.
Then, your BUSINESS ACTIONS will be more SMART and more EFFECTIVE and your business will start to move forward at a faster rate.  Greater business success should then follow.
As YOU start to see your business moving forward, YOU will feel that YOU have greater CONTROL and YOU will start to RELAX more and possibly become less STRESSED and quite possibly start to enjoy your business more.
This is a very quick snap shot of how SMART BUSINESS THINKING could work for YOU,there is much more on this site about SMART BUSINESS THINKING.
If you wish to discuss this with me more fully, please email me at Robert@prestigebusinesscoaching.co.uk or leave a comment below.

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business success, business advice, business plan, entrepreneur, positive thinking, power of thought

8 Ways To Beat The Fear Of Failure
8-ways-for-overcoming-the-fear-of-failure-in-your-business
is-your-mindset-holding-you-back_

8 Ways For Overcoming The Fear Of Failure In Business

Originally posted 3 February 2016, updated 27 December 2016

8-ways-for-overcoming-the-fear-of-failure-in-your-business

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”

By Changing Things, People Think They Risk Failure

Those experiencing FEAR OF FAILURE think that by changing things, they risk failure  –  they think that any changes made may have a negative effect and not work, making their present situation worse, so they decide to maintain the status quo.

For many business owners, they find they cannot step outside their comfort zones to achieve actions within the business to move it forward, thus restricting business success; they feel comfortable within their COMFORT ZONES and don’t feel like venturing outside.

Overcoming The Fear Of Failure Is Very Possible By Changing How You Think & Act

Overcoming the fear of failure is very possible by changing how you think and how you act and many have done it and I am sure you can, too.

8 Ways To Beat the Fear Of failure, prestigebusinesscoaching.co.uk/blog

The Subconscious Mind Is Programmed To Protect Us

The subconscious part of our brains are programmed to protect us when there is danger; if you have a fear of spiders, for instance, your subconscious mind acts to protect you when you see a spider by spontaneously moving you away from the ‘danger’ of the spider.

Many of us have fear phobias – it could be the fear of heights, water, enclosed spaces – there are so many.  But our subconscious minds are there to protect us against these instinctively without us consciously thinking about them, when we are faced with such ‘dangers’

For us in business, a fear phobia can manifest itself as a ‘fear of failure’. Those that experience this fear phobia have a subconscious mind that is protecting them from failure in their business and this prevents them doing anything that means them taking action that they are not confident about and are not comfortable about.  In other words, their subconscious minds are preventing these people to ‘step outside their comfort zones’

Very often these people decide that they cannot take certain actions to move their businesses to higher levels in case the actions don’t work and their businesses are damaged or even fail and the result is to take their business backwards rather than forwards.  They decide to not take the action and keep their business in the space it already occupies.

The danger here is that any business that tries to stand still often ends up going backwards, because there is no innovation or creativity happening within the business.

Sometimes a previous failure or set-back can prevent someone from trying again as they fear the same outcome.

Different people have different reasons for the FEAR OF FAILURE becoming a handicap to business development.  Whatever the reason, the fear of failure is one of the biggest reasons for failure in business –  businesses that do not move forward ultimately end up going backwards and declining and it can often be the FEAR OF FAILURE of the business owner that can create this situation.

It Is Possible To Beat The Fear Of Failure

But it is possible to beat the fear of failure and here are EIGHT ways to do this:-

  1. Try to analyze your own fear inside your mind – try to see where it originated – Ask yourself if you are, for instance, worried about losing money or ‘face’ in your business? If you lost some money, would it be the end of the world and if it is ‘face’, does it matter what people think about you – the chances are they won’t think as badly about your situation, as you think they will.  Make a list of the things that create your FEAR and try to focus on the main reasons for your fear; try to understand them and try to accept that they are not important and that you should not be worried about them.
  2. Break down what you wish to achieve into ‘chunks’ – if, for instance, you wish to grow your business, there may be several ways that you wish to do this. You might want to launch a new product or several products or sell into new markets, say. Rather than trying to do everything at once, select ONE thing to do, set that as your ONE objective and concentrate on that. Very often business owners try to do too many things at once and get overwhelmed.
  3. Analyze your one objective  –  you should analyze how you will achieve your ONE objective. You should break your objective down into small goals that when put together will achieve your ONE objective. By doing this, you are focusing on the small goals rather than the overall objective, which should be less daunting.
  4. Set a strategy   –  having set your small goals, you should then create a separate strategy for each goal and use that to achieve each goal. As you achieve your separate goals, your confidence should grow along with the belief that your ONE objective is possible.
  5. You should quantify the benefits of attaining your ONE objective to your business  –   this could be a rise in profits, such as a 10% increase in your net profit.  Think how it will feel to have more profit in the business and what benefits there would be.  You should also look at the downside, if you don’t achieve your objective. One way to think about growth is to think that you have nothing to lose – if the ONE objective is not achieved, your business will be no worse off, but if you do achieve it, you could substantially improve your business finances.
  6. Think about learning – even if you fail in your ONE objective, you should learn much from the process and possibly about yourself. It is impossible to go through life without some failure and setbacks – the most successful of entrepreneurs have had many failures (Richard Branson is a good example) but every one of the most successful entrepreneurs has learned from the process and has used that new knowledge to try again. You should think that failure is part of succeeding and that you must first fail in order to ultimately succeed.
  7. Try to think positive about your ONE objective  –  keep saying to yourself “I CAN DO THIS” and say it over and over again. You should say or think this especially at times when you feel the fear or you feel negative about your business.
  8. Try to imagine how you will feel when you have achieved your ONE objective – almost certainly it will give you a huge confidence boost and enhance your well being and happiness.  Try to imagine or visualize how you will feel, having beaten your ‘fear’ and having achieved your goals and objective.  You should feel really good.   Think that you want that feeling and that you will only achieve it, if you beat the FEAR OF FAILURE.

I Had The Fear Of Failure When I Started

When I started my first business, I had the fear of failure and I overcame this by doing what I have suggested above, here, and if you have the same fear, the above could work for you, too. It will take a little time but be patient with yourself and let it happen gradually, but never give up.

If you would like to talk more about this with me, please contact me at Robert@prestigebusinesscoaching.co.uk.

Or leave a comment a below:

If you have enjoyed reading this article and feel it is of use to you, I would love to hear your views, so please leave a short message below. Also, why not sign up to my MONTHLY NEWSLETTER for regular updates and some awesome business tips & advice? I promise you will not be spammed.

I look forward to hearing from you.

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OTHER ARTICLES THAT MAY INTEREST YOU

Is your mindset holding you back?

Is your mindset holding you back? www.prestigebusinesscoaching.co.uk/blog
8-ways-for-overcoming-the-fear-of-failure-in-your-business

Is Your Mindset Holding You Back?

Originally posted February 2016. Updated January 2017.

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

Is Your Mindset Holding You Back? www.prestigebusinesscoaching.co.uk/blog

In order to determine which type YOU are, YOU should answer the following questions:-

  1. Is your mind free and open to NEW THOUGHTS and eager to keep learning new things?
  2. Are YOU always keen to keep moving yourself and your business forward, whatever it takes?
  3. Do YOU view challenges as exciting and eager to accomplish them?
  4. Can YOU step outside your COMFORT ZONE and do whatever it takes to drive your business forward?
  5. When YOU have a set-back, do YOU learn from the set back and bounce back quickly and keep moving forward?

If Your Answer “Yes” To All 5 Questions, You Have A Growth Mindset

If YOU answer “YES!” to these FIVE QUESTIONS, then YOU have a GROWTH MINDSET.

By having a GROWTH MINDSET, YOU and your MIND are prepared to take your business in whatever direction it needs to go to ensure SUCCESS and you UNDERSTAND the reasons for doing so.

4% of the most SUCCESSFUL BUSINESS PEOPLE –  the likes of Richard Branson, Steve Jobs and Peter Jones  –  all have a GROWTH MINDSET and this state of MIND is fundamental to BUSINESS SUCCESS.

A Fixed Mindset Is Opposite To A Growth Mindset

A FIXED MINDSET is the opposite to a GROWTH MINDSET and if that is the state of your mind, then YOU will struggle to attain REAL BUSINESS SUCCESS. A FIXED MINDSET has the following characteristics:-

  1. Your mind will NOT be free and open to NEW THOUGHTS and YOU will NOT be eager to keep learning new things.
  2. YOU will NOT always be keen to keep moving yourself and your business forward, and YOU would be happy with the status quo.
  3. Challenges will frighten YOU.
  4. YOU will NOT step outside your COMFORT ZONE and YOU will NOT do whatever it takes to drive your business forward.
  5. When you have a set-back, YOU will dwell on it and become NEGATIVE about it.

You Can Make Changes

If this is YOU or if YOU experience some of this, then YOU can make changes.

The place to start is to become AWARE of the state and when YOU feel it, YOU should react in POSITIVE WAY and to do the following:-

  1. FREE and OPEN UP your mind to NEW THOUGHTS and BE EAGER to keep learning new things.
  2. YOU must be keen to keep moving yourself and your business forward, whatever it takes.
  3. YOU must view challenges as exciting and BE eager to accomplish them.
  4. YOU must step outside your COMFORT ZONE and do whatever it takes to drive your business forward.
  5. When YOU have a set-back, YOU must learn from the set back and bounce back quickly and keep yourself and your business moving forward.
  6. Keep saying to yourself “I AM A SUCCESS” and “I CAN DO THIS”

It will take a few weeks, but by continually thinking the above to yourself, gradually, your MINDSET will change, along with prospects for your SUCCESS.

If you would like to talk more about this with me, please contact me at Robert@prestigebusinesscoaching.co.uk.

Or leave a comment a below:

If you have enjoyed reading this article and feel it is of use to you, I would love to hear your views, so please leave a short message below. Also, why not sign up to my MONTHLY NEWSLETTER for regular updates and some awesome business tips & advice? I promise you will not be spammed.

I look forward to hearing from you.

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8 ways for overcoming the fear of failure in your business

Products right
Your Products Must Match The Needs & Wants Of Your Customer. www.prestigebusinesscoaching.co.uk/blog

Are Your Products Right For Your Target Customers?

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.

Your Products Must Match The Needs & Wants Of Your Customer. www.prestigebusinesscoaching.co.uk/blog

Many businesses, especially ones that are just starting, create a product and then they 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.

First Identify A Problem, Then Match Your Product

The place to start is to identify a problem that a large number of people might have and then design or source a product to sort that problem. By doing this, you will be MATCHING your PRODUCT exactly to what a large number of people will want and will buy.

And, because it should sort a particular problem that these people will have, it should sell well and the sales should be great enough to make your business viable and profitable.

A client of mine has just opened Tilleys Gluten Free Bakery, but before he took the big and expensive step to start his bakery, he researched heavily his potential TARGET CUSTOMERS, firstly to understand them as a group and then he researched their NEEDS and WANTS, so that he could produce Gluten Free Products that these TARGET CUSTOMERS would enthusiastically buy.

Once he had developed his products, he then tested the sales of these products on his potential customers and invited their comments and critique. All reaction was analyzed and further modifications were made to the PRODUCTS.

Only when he was confident that he had products that matched exactly what his potential TARGET CUSTOMERS NEEDED and WANTED, did he take the plunge and start his bakery. Now, a few months after launching his new business, SALES are STRONG and GROWING and, importantly, he is making a PROFIT.

This Took More Time Initially But Saved Time Long Term & Gave An Initial Profit

The process that he followed took more time and more effort, initially, but in the long term, much time has been saved and the chance of failure has almost been eliminated and he has made a good initial profit –  which for a new business is crucial.

When you do start a business or launch a new product, think about your TARGET CUSTOMER first and then think that any PRODUCT that you launch must satisfy exactly the NEEDS and WANTS of your TARGET CUSTOMERS and give them BENEFITS.

Research your TARGET CUSTOMERS, first, and get to know and understand them well and make sure that YOU understand their needs and wants too.

Then, YOU should TEST your product on groups of your target customers to ensure they would be happy to buy your product.   YOU should note their comments and make corresponding adjustments to your product.

Only once YOU are very happy that YOU can sell a large volume of your products to a large number of customers and that YOU can create a good PROFIT should YOU attempt to sell that PRODUCT.

Start With Your Target Customer & Not Your Product

In short, you should START with your TARGET CUSTOMER and NOT your PRODUCT.

If you would like further advice on this please contact me: Robert@prestigebusinesscoaching.co.uk

Or leave a comment below to engage in the conversation.

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Use Customer Service To Gain Sales

Use Customer Service To Gain Sales

Use Customer Service To Gain Sales

What is your CUSTOMER SERVICE like?

Do your customers rave about your CUSTOMER SERVICE?

Or do your customers say your CUSTOMER SERVICE leaves much to be desired?

business coach, business success, business advice, business plan, business marketing, sales strategy, marketing strategy, marketing techniques

Surveys consistently show that consumers rate CUSTOMER SERVICE as highly as the products they buy. Customers will even avoid buying good products if the CUSTOMER SERVICE is poor.

MANY BUSINESSES DO NOT SEE IMPORTANCE OF CUSTOMER SERVICE

But so many business owners in the UK do not recognize how highly customers rate CUSTOMER SERVICE –  and when they have this attitude, they are literally throwing sales away and losing customers.

Poor CUSTOMER SERVICE is evident everywhere, but as a business owner, you can literally ‘cash in’ on this –  have BETTER CUSTOMER SERVICE than your COMPETITORS and YOU should take their CUSTOMERS and GAIN SALES.

MAKE YOUR CUSTOMER SERVICE SUPERB

In fact, make your CUSTOMER SERVICE as good as it is possible to make it –  make your CUSTOMER SERVICE SUPERB!!

Take a long hard look at it, pull it apart and analyse in detail the CUSTOMER SERVICE that you offer and ask yourself TWO BIG QUESTIONS:-

  1. “HOW CAN I MAKE MY CUSTOMER SERVICE SUPERB?”
  2. “WHAT WOULD I WANT FROM MY COMPANY AS A CUSTOMER?”

BUSINESSES THAT OFFER SUPERB CUSTOMER ALWAYS DO WELL

Businesses that go the ‘extra mile’ and offer SUPERB CUSTOMER SERVICE always do much better than their competitors –  always.

YOU must do the same.

SET YOURSELF THE OBJECTIVE

So, set yourself the OBJECTIVE to make your CUSTOMER SERVICE SUPERB and do it NOW!!

Have a GOOD THINK about your CUSTOMER SERVICE, ANALYZE IT, PULL IT APART and see how YOU CAN MAKE IT SUPERB.

THINK DIFFERENTLY ABOUT YOUR CUSTOMER SERVICE.

THINK SMART, ACT SMART!

If you would like to talk more about this with me, please contact me at Robert@prestigebusinesscoaching.co.uk.

Or leave a comment a below:

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