YOU MUST KNOW HOW TO RUN YOUR BUSINESS
YOU MUST KNOW HOW TO RUN YOUR BUSINESS RIGHT
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YOU MUST KNOW HOW TO RUN YOUR BUSINESS RIGHT

YOU MUST KNOW HOW TO RUN YOUR BUSINESS RIGHT

YOU MUST KNOW HOW TO RUN YOUR BUSINESS RIGHT

If your business is to be a success and YOU are to become one of the ‘10% CLUB’, YOU must KNOW how to run your business RIGHT.

It constantly amazes me that many small and medium sized businesses have such a poor knowledge of how to RUN their businesses RIGHT and such businesses ALWAYS perform POORLY.

Always!

Often a poor performance can be converted into a massive SUCCESS by simply UNDERSTANDING how to run a business MUCH BETTER.

It is often as simple as that!

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 Know How To Run Each Part To Optimize Your Business

If YOU want your business to run to its OPTIMUM, YOU must UNDERSTAND how to RUN EACH PART OF YOUR BUSINESS.

Let me ask YOU these 22 questions:-

  1. Do you REALLY understand your target customers and what they REALLY want to buy from you and what they want to pay YOU?
  2. Do your REALLY understand the products that your target customers need and are your products RIGHT for your customers?
  3. Are the sales of your products increasing, year on year, and do you REALLY understand how to keep your sales growing?
  4. Do you REALLY have REAL control of the money in your business?
  5. Do you REALLY know how to control the margin in your business and understand how to keep it optimized?
  6. Do you REALLY have absolute control of your costs and know how to keep these minimized?
  7. Do you REALLY understand how to control your cash-flow and keep your business cash rich?
  8. Do REALLY understand how to effectively reach your target customers with your marketing?
  9. Is your marketing REALLY effective and are you REALLY reaching your target customers with it and is it working?
  10. Are you REALLY getting a real return on your marketing expenditure and REALLY seeing real growth in your sales as a direct result of your marketing?
  11. Are you REALLY successfully building a STRONG brand that is recognized by your target customers?
  12. Do you REALLY understand your COMPETITORS and what they are doing & do you REALLY know how to compete within them in your trading market REALLY EFFECTIVELY?
  13. Is your customer service REALLY superb?
  14. Is your customer experience REALLY superb?
  15. Are your customers REALLY happy and do they return to buy more from you, time and time again?
  16. Do you REALLY have an army of loyal customers and do these customers spread ‘word of mouth’ about your business?
  17. Is your back office running REALLY effective?
  18. Do you REALLY have fantastic systems in place to control all parts of your business?
  19. Are you REALLY using digital technology to the full & optimizing its effects?
  20. Do you REALLY know how to employ the best employees for your business?
  21. Do you REALLY know how to train your employees really well and do you REALLY know how to manage them right?
  22. Are your employees REALLY a real asset to your business & are they REALLY making a real contribution to your business as a whole?

I could have asked YOU many more questions, but these 22 are arguably the most important questions to ask anyone running a business.

You Must Answer These Questions Honestly

Try answering these questions REALLY honestly. If YOU can honestly answer a BIG ‘YES’ to each one, then YOU KNOW HOW TO RUN YOUR BUSINESS RIGHT.

But if one or more questions get a ‘NO’, then YOU must address the aspect raised in that question and turn it into a BIG ‘YES’

It is important that every PART of your business must RUN RIGHT.

You Need Smart Business Thinking

YOU need SMART BUSINESS THINKING about the RUNNING of your business, if YOU are to be one of the ‘10% CLUB’

JOIN THE 10% CLUB & BECOME ONE OF THE MOST SUCCESSFUL BUSINESSES IN THE UK

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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WHITE HART INN, TROXHILL, FROME, SOMERSET
me on barrels web
Robert Viney started Ash Vine Brewery in 1987
Hop & Glory Bottle.JPG web
Ash Vine Brewery's Hop & Glory
PICKNICS OF DEVON, TORQUAY SHOP

Robert Viney – My Story

Robert Viney  ~  My Story

Successful Entrepreneur & Business Coach

Robert Viney, Successful Entrepreneur & Business Coach

In 30 years, I have successfully started and run many businesses, including pubs, a microbrewery, sandwich shops and delicatessens, property rental, investments and business coaching, all cumulatively generating in excess of £100 million in that time.

I Am Originally A Chemist

Originally a chemist, I graduated with an honours degree in 1976 and subsequently worked in the Aluminium industry with the British Aluminium Company as a research chemist until being made redundant in 1980.

I promised myself that if I was ever to be on the dole again, it would be through my own fault and not the fault of someone else, so I embarked on a career of being self employed.

Prior to my redundancy, I ran the social club bar at British Aluminium and I had already decided that I wanted my own pub and set out on the road to achieve that.

I Needed More Experience

I did not have enough experience but was lucky enough to be offered the chance to run the ‘Frog & Frigate’ pub in Southampton, owned by Ringwood Brewery.

The White Hart Inn In Somerset Was Bought

The invaluable experience allowed me to buy my first pub, The White Hart Inn at Trudoxhill near Frome in June 1984.  This pub was very run down, when I took it on and, within 12 months, it was the busiest pub in the area.

WHITE HART INN, TROXHILL, FROME, SOMERSET I still own the White Hart Inn and is currently run by my tenant Graeme Warberry.

A Microbrewery Was Added

3 years later a small microbrewery was installed to the rear of the pub producing quality traditional beer for The White Hart Inn and other local pubs.

More Pubs Were Added

By 1999, other pubs had been started from scratch including the Pig & Fiddle in Bath, The Frog & Fiddle and Fish & Fiddle both in Cheltenham and the brewery, known as Ash Vine Brewery, had moved to a large 5000 square feet site and grew to supply in excess of 1000 pubs nationally.

Robert Viney started Ash Vine Brewery in 1987

Here I am pictured outside the brewery in a local newspaper item with the headline “Brewing For Hop & Glory”  – Hop & Glory was one of our many award-winning beers that we brewed.

Ash Vine Brewery's Hop & Glory

I Retired From The Pub Business

In 2001, I came out of the pub business to take over a sandwich shop and delicatessen business, owned by a family member.

I Took On a Family Business

The business known as Picknics of Devon, trading in Torbay, had accrued a huge debt and was on the point of failing.  It took me about 3 years to turn Picknics around and to start to pay off the debt.

By the time I sold the business in 2014, it had become a massive success with a huge following and was the local market leader. By the time of its sale, the huge debt had been repaid in full.

PICKNICS OF DEVON, TORQUAY SHOP

When I sold the business in 2014, it comprised two shops in Torbay, one in Torquay and one in Paignton  –  this is a picture of the Torquay

I Now Coach Businesses

After taking a break in 2015, I am now putting much of my energies into Prestige Business Coaching to give businesses the benefit of my experience and expertise to achieve high levels of success, themselves.

I am not new to coaching businesses, though, as I have coached several businesses very successfully, previously, alongside running my own businesses.

I Have Some Powerful Methods To Share

As part of my coaching, I show my clients the very many methods that have successfully created business success for myself. These methods are massively powerful and are unique to me only.

Alessandra Ruocco of Devoncair Ltd

I started coaching Alessandra Ruocco in 2009 and we turned her business around from large losses.  She is my biggest coaching success.

My Mission Is To Increase Business Success & Reduce Failure

My mission is to increase business success and reduce business failure & this site includes powerful advice for business owners to boost their businesses. This advice is offered here free of charge – just take a look, read and absorb!

If you are a business owner or someone planning on starting a business soon, I could probably help you, giving you access to my powerful business methods.

Please contact me at Robert@prestigebusinesscoaching.co.uk or leave a message below.

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BRIAN SPENCE OF TILLEYS GLUTEN FREE BAKERY WITH PAUL HOLLYWOOD
TILLEYS GLUTEN FREE BAKERY
BRIAN SPENCE OF TILLEYS GLUTEN FREE BAKERY MEETS PAUL HOLLYWOOD OF BBC'S GREAT BRITISH BAKE OFF
TILLEYS GLUTEN FREE BAKERY BAKEWELL TARTS
TILLEYS GLUTEN FREE BAKERY BREAD

My Next Business Coaching Success ~ Coaching Brian Spence

Brian Spence 

BRIAN SPENCE OF TILLEYS GLUTEN FREE BAKERY MEETS PAUL HOLLYWOOD OF BBC'S GREAT BRITISH BAKE OFF

My Next Business Coaching Success  ~  Coaching Brian Spence 

Tilleys Gluten Free Bakery is my latest ‘star project’

Award-winning baker Brian Spence came to me in the summer of 2014 asking me to coach him in the creation of a gluten free bakery.

18 months on and after a lot of hard work, a purpose built bakery is supplying high quality products to local farmer markets and the local wholesale trade in South Devon to massive acclaim.

TILLEYS GLUTEN FREE BAKERY

Brian Has Done Everything I Advised

Brian has done everything that I have advised and he has made a very impressive start to his business.  He freely admits that had I not suggested certain things, his start would not have been so successful.

I Advised Much Research

At the start, I advised him to research heavily his business idea and the local trading market that he was about to enter. He did this exhaustively and this gave him a huge understanding of his target customers, the products that they wanted to buy and the prices that they were prepared to pay.

He Tested His Products

As he developed his products, he tested them on some of his target customers using blind tastings of his products and noted the comments made.  Based on these comments, changes to his product recipes were incorporated and when he launched his gluten free bread and cakes, he generated a huge amount of excitement from those on a coeliac diet.

TILLEYS GLUTEN FREE BAKERY BREAD

I advised Him To Make His Products Superior

I also advised him to make his products much better than other products produced by his competitors and I said that in order to broaden his target market, he should create products that anybody would enjoy –  not just those on a gluten free diet.

His products now are far superior to any other gluten free products offered by his competitors and are also full flavoured and, which on blind tastings, most people would not think were gluten free.

Brian Received A Commendation From Paul Hollywood

Now, everyone enjoys his gluten free fayre  –  even Paul Hollywood of the BBC’s Great British Bake Off, who tried Brian’s products and gave them a huge ‘thumbs up’

BRIAN SPENCE OF TILLEYS GLUTEN FREE BAKERY MEETS PAUL HOLLYWOOD OF BBC'S GREAT BRITISH BAKE OFF

Brian Has Focused Heavily On His Customers, His Products And His Business Numbers

I showed Brian how to run all aspects of his business and the result was Brian developing a heavy focus on his customers, his products and his business numbers. And, this has been key to initial success.

Business Coaching & A Business Owner Using The Advice Is A Combination For Success

Brian has also done everything that I have advised and again that has also been key to the business starting so well. Business coaching can work spectacularly well when the advice from an experienced business coach is taken and used in its entirety.

Brian is a good example of how well business coaching can work.  If all the advice, offered, is used then anyone starting or running a business can really benefit.

If you have read my case study on Alessandra Ruocco, you will see how business coaching worked for her, too.

It can be massively powerful!

TILLEYS GLUTEN FREE BAKERY BAKEWELL TARTS

Prestige Business Coaching Created His Marketing

To help Brian, I performed much of his marketing for Tilleys Gluten Free Bakery including developing and running his facebook page and creating his website. You can see how Brian is doing by visiting his website www.tilleysglutenfree.com and by visiting Brian’s facebook page at www.facebook.com/tilleysglutenfree.

 

The ‘10% CLUB’

Brian is not in the ‘10% CLUB’ yet, but he is well on his way. You can do the same as Brian and put yourself in the ‘10% CLUB’ – get yourself a good experienced coach and do exactly as advised.

If You Wish To Discuss This More Fully With Me, Please Contact Me

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

Or please leave me a comment below.

REMEMBER –  SMART BUSINESS THINKING AND SMART BUSINESS COACHING

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Alessandra Ruocco of Devoncair Ltd
Alessandra Ruocco of Devoncair Ltd
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Devon Cair Ltd., Paignton, Devon
Alessandra Ruocco of Devoncair Ltd 3

My Greatest Business Coaching Success ~ Coaching Alessandra Ruocco

Alessandra Ruocco

Alessandra Ruocco of Devoncair Ltd

My Greatest Business Coaching Success  ~  Coaching Alessandra Ruocco

Large Losses To Good Profit in Just 5 Months

“Our Homecare business is now on the road to being a successful player in the industry and I owe that fully to the expertise of Robert and Prestige Business Coaching”

It is May 2015 and I am having lunch in a nice fish restaurant on the harbourside in Torquay with Alessandra Ruocco.  ‘Sasse’, as she is known to her friends and associates, is telling me about her vision, strategy and thoughts for her business Devon Cair Ltd.

As I listen, I cannot help thinking how far this clever, smart lady had come on her business journey and how she had become the strong, mature, confident and competent business lady that I viewed across the restaurant table. Sasse is now one of the 10% most successful business people in the UK., who I talk about much on www.prestigebusinesscoaching.co.uk.

But the journey had been hard and long.

Devon Cair Ltd Is A Leader In Its Market

Devon Cair Ltd is the leading supplier of high quality care to the disabled and elderly in their own homes in Torbay, Devon.   The success of the business is testament to Sasse and her determination and drive, but it was not always that way.

But It Was Not Always That Way

In 2009, Sasse invited me to help her rescue the business after her business partner had walked out leaving her ‘high and dry’ –  her ex partner had founded and started Devon Cair Ltd but, following a catalogue of bad business decisions, had brought the fledgling business to the edge of financial collapse; the business was losing money heavily and it urgently needed saving.

There Were Two Big Mistakes

Two BIG mistakes were made initially:-

  1. Grow The Business Too Quickly
  2. Trade In Too Large A Geographical Area

These were deliberate strategies, but they both created huge operating costs, particularly employment costs that were just not sustainable.

I very quickly identified the problems and suggested a strategy for turning the business around and Sasse wasted no time in implementing the plan.

Her quick and decisive implementation of the plan was key to the success of what we did –  every day delayed was more money wasted and the outflow of money had to be stemmed quickly.

There Were Three Main Recommendations

The main recommendations were as follows:-

  1. To reduce and consolidate the trading area to just serve clients in Torbay only, shrinking the trading area to just 5 miles from the company’s office from 15 miles previously
  2. To make drastic changes to staff rotas and to reduce the employee working hours so that the employment costs were directly related the revenue generated.
  3. To slow down the rate of growth for the business

Initially the number of clients and revenue were both reduced, but the costs attributed to serving the clients were reduced by a far greater amount, thus increasing the gross profit margin significantly.

A Profit Was Achieved After Just 5 Months

Within five months, the initial changes were complete and the business moved from a high loss into a good sustainable profit. From this position, Sasse then moved to consolidate the business and the net profit, further, and to gain growth by acquiring new clients within her new Torbay only trading area.

Sasse Has Resisted Extending Her Trading Area

Since then, some seven years later, Sasse has resisted the temptation to extend her trading area beyond Torbay but, instead, to consolidate and establish her company’s position as the premier provider of home care in Torbay.

The business now boasts an army of very happy and loyal clients and an army of equally happy employees serving these clients. The business is very sound financially and is now a great success.

Sasse Needs Little Marketing

One big indicator of her success is the amount of effort she puts into marketing her business –  in short, she devotes very little of her recourses to marketing.

The quality of her service is so great, that reputation and ‘word of mouth’ constantly create new clients for Devon Cair Ltd.. Competitors are continually seen spending large sums on advertising and that illustrates the large gulf between her and the rest.  Devon Cair Ltd do not have to advertise and so do not have this cost and, obviously, this elevates her margin.

Devon Cair Ltd., Paignton, Devon

Businesses That Create Word Of Mouth Always Do Better

Businesses that can create ‘word of mouth’ and harness it to grow, always do much better.

Historically, ‘word of mouth’ has been a major contributor to the success of my own businesses and I coach businesses to set this as a definite strategy for growing a business.

Such A Strategy Creates a Superb Product & Customer Satisfaction

Sasse has achieved ‘word of mouth’ by creating superb care for her customers and a high degree of customer satisfaction.

A combination of a superb product and a high degree of customer satisfaction will always achieve ‘word of mouth’ and, through that, growth.

Businesses Think That They Can Grow By Extended Their Geographical Boundaries

So many businesses think that they have to extend their geographical boundaries in order to secure new customers in order to grow their revenues and this invariably leads to financial weakness and failure.

The smart way, often, is to do as Sasse has done and to restrict the trading area, but to totally focus efforts on securing a high number of clients within that trading area, exclusively.

Such a strategy minimises the cost of gaining and serving new customers and Sasse proves that this can be a very successful strategy.

What We Achieved Was Spectacular

When Sasse and I started working together, the problems within the business were immense and it is was an awesome achievement to turn the business around in such a short period of time –  many businesses can literally take years to turn around.

Our achievement was immense and is something that is very rare in business.

Business Coaching Can Be Hugely Successful When The Advice Is Fully Used

But this is only possible, when the advice of a good business coach with a wealth of experience and knowledge is incorporated fully by a business owner. Sasse never questioned my suggestions and she implemented them fully without hesitation, delay or procrastination.

I am sure there were times when she did not quite understand parts of the plan, but she trusted me. I am also equally sure that once the results of the changes were evident, her understanding grew and became complete.

Devon Cair LtdSasse Is My Greatest Success

Sasse is my greatest business coaching success because she implemented everything that I suggested and, as a result, she was a ‘dream’ to coach.

When I coach others, less success has been possible because business owners question my suggestions and ‘cherry pick’ my recommendations –  the result is always not so good.

I now avoid coaching any business owner who refuses to take all my recommendations.

It Was Not Just Strategy

It was not just strategy that I showed Sasse –  I also worked to strengthen her attitude and her business mind.  When questioned, the most successful 10% in business say that a strong positive attitude and an open mindset is more important than strategy in the attainment of their success.

Sasse already had a good positive attitude but I created a belief in her mind that she could make the changes and create success out of a bad situation.

So many business coaches ignore the importance of a strong business mind and mindset when coaching their clients.

I Showed Sasse To Think Differently & More Smartly

I also showed Sasse how to think differently and more smartly about her business –  by doing so, it ensured that all her business decisions and actions were also smart but, importantly, it ensured that all her decisions and actions were right for her business, too.

One example was to ‘think money’ –  I said that she should ‘think money’ in every decision.  Sasse typically embraced this fully and even wrote ‘think money’ in very big letters on her office files to remind her constantly.

You Can Emulate Sasse & Her Success

You can emulate Sasse and her success, too, but you have to be prepared to work with a successful business coach and to do everything that the business coach recommends without delay, procrastination or cherry picking.

And, I mean EVERYTHING!

Business failure is currently running at more than 50%, but the above scenario can achieve 100% success, which must be something that every business owner must want.

The 10% Club

Alessandra Ruocco is a member of the ‘10% CLUB’ – the club that includes the most successful business people in the U.K..

You can be the same, if you copy what she did.

Alessandra Ruocco Is Managing Director Of Devon Cair Ltd.

Alessandra Ruocco of Devoncair LtdAlessandra Ruocco is Managing Director of Devon Cair Ltd, Paignton Devon and is a member of the ‘10% CLUB’.  

Find out more about her business at www.devoncair.com

If You Wish To Discuss This More Fully With Me, Please Contact Me

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

Or please leave me a comment below.

REMEMBER –  SMART BUSINESS THINKING AND SMART BUSINESS COACHING

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THINK BENEFITS WITH YOUR PRODUCTS

Think Benefits When Planning Your Products

Think Benefits When Planning Your Products

THINK BENEFITS WITH YOUR PRODUCTS

Your CUSTOMERS will buy your PRODUCTS because they want the BENEFITS and HELP that these will provide.

When I talk to business people, I am often conscious that they don’t THINK ENOUGH about the BENEFITS their PRODUCTS provide for their CUSTOMERS. I have talked about the top 10% businesses many times on this site and much of their SUCCESS is because they THINK ‘BENEFITS’ when they THINK about their PRODUCTS.

If YOU can do the same and THINK about the BENEFITS that your PRODUCTS will provide to your CUSTOMERS when YOU PLAN YOUR PRODUCTS, it should make YOU create or provide BETTER PRODUCTS that MATCH your CUSTOMER’S NEEDS BETTER. I have talked about MATCHING before, saying that YOU SHOULD MATCH YOUR PRODUCTS TO YOUR TARGET CUSTOMERS.

Ask Yourself Several Big Questions

There are several BIG QUESTIONS that I have always asked myself in all my businesses and the first is:-

WHAT BENEFITS AND HELP DO MY PRODUCTS GIVE TO MY CUSTOMERS?

YOU should do the same and write down a list of BENEFITS.

Then ask yourself ONE OTHER BIG QUESTION:-

ARE THESE THE RIGHT BENEFITS THAT MY CUSTOMERS WANT AND NEED?

Answer this honestly and then ask yourself another BIG QUESTION:-

ARE THEIR BENEFITS THAT MY CUSTOMERS WANT AND NEED THAT MY PRODUCTS DON’T FULLY PROVIDE?

If there are significant BENEFITS that your CUSTOMERS WANT and NEED from your BUSINESS and your PRODUCTS that they don’t presently get from YOU, YOU should THINK to maybe CHANGE or MODIFY your PRODUCTS or introduce NEW PRODUCTS that will provide those BENEFITS.

This Is Why Smart Business Thinking Is So Important

This is why SMART BUSINESS THINKING and SMART BUSINESS ACTIONS are so important – they both force YOU to ANALYZE your PRODUCT OFFERINGS CRITICALLY.

BETTER PRODUCTS SHOULD THEN FOLLOW, which should, in time, INCREASE SALES.

You Should Also Ask Your Customers

YOU should also TALK to your CUSTOMERS and ASK them about your PRODUCTS. Businesses are VERY POOR at TALKING to their CUSTOMERS, especially the 90% who RUN the MEDIOCRE BUSINESSES.

I have always TALKED to my CUSTOMERS and I have always learned so MUCH –  it has enabled me to always PROVIDE THE RIGHT BENEFITS to my CUSTOMERS and the process has always enabled me to achieve HIGH SALES with all my businesses.

Set Yourself the Objective To Provide The Best Benefits

YOU must SET yourself THE OBJECTIVE to PROVIDE the VERY BEST BENEFITS to your CUSTOMERS – as part of that, ASK yourself and your CUSTOMERS about the PRODUCTS that YOU presently offer and the BENEFITS that your CUSTOMERS WANT and NEED from your BUSINESS.

YOU should then formulate CHANGES to your PRODUCT RANGE and INTRODUCE these –  your REVENUE SALES should GROW SIGNIFICANTLY, as a result.

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

Or please leave me a comment below.

REMEMBER –  SMART BUSINESS THINKING AND SMART BUSINESS COACHING

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Do You Know Your Business Numbers_
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DO YOU KNOW YOUR NUMBERS?

DO YOU KNOW YOUR NUMBERS?

How well do YOU know your BUSINESS NUMBERS?

DO YOU KNOW YOUR BUSINESS NUMBERS?

If you have ever watched Dragon’s Den, you may have noticed that many of the prospects fall down on their numbers when pitching to Peter Jones and company.  Those pitching for the Dragon’s money often cannot answer questions about their numbers such as their REVENUE SALES, their GROSS PROFIT MARGIN, their COSTS and importantly their NET PROFITS.

HOW WOULD YOU DO?

DO YOU KNOW YOUR BUSINESS NUMBERS?

I frequently talk to businesses and this is one of the first questions that I ask. More often than not, a hesitant and unconfident response follows, which always strongly suggests that the business owner is ignorant of their numbers.

I estimate ONLY about 10% of business owners really KNOW THEIR NUMBERS, who can confidently tell me:-

  • What their REVENUE SALES currently are
  • What their GROSS PROFIT MARGIN currently is
  • What they are paying for their PRODUCTS, COSTS and EXPENSES
  • What their NET PROFIT is
  • What their CASH FLOW is

And, not only can they tell me WHAT THEIR NUMBERS ARE, but importantly, it is very obvious that they UNDERSTAND THEIR NUMBERS, too.

They UNDERSTAND:-

  • What affects their REVENUE SALES & how they can OPTIMIZE these
  • The BUYING & SELLING PRICES of their products and how these affect their GROSS PROFIT MARGINS
  • How to MAXIMIZE their GROSS PROFIT MARGINS
  • How to keep their spending on their COSTS & EXPENSES to a minimum
  • How to make a GOOD NET PROFIT
  • How to keep their CASH FLOW always positive

These are just a few of the NUMBERS that anyone running a business needs to KNOW AND UNDERSTAND, but, I think many find NUMBERS boring or too challenging compared to other things happening within their businesses. The result is that the NUMBERS are neglected or are delegated to the accountant (which is always a poor business decision).

Business owners who KNOW and UNDERSTAND their NUMBERS and who prioritize them, too, ALWAYS have GREATER SUCCESS in their businesses.

This is ALWAYS THE CASE!

Most often, these business owners are the top 10%, that I have talked about before.

Business owners who do NOT KNOW and UNDERSTAND their NUMBERS and don’t prioritize them, ALWAYS have LESS SUCCESS in their businesses.

This is ALWAYS THE CASE!

These are the 90% who run MEDIOCRE BUSINESSES!

MONEY and PROFIT determines SUCCESS. If YOU make MONEY and a GOOD PROFIT, your business can prosper and YOU will have money to invest to keep going, but if YOU make NO or LITTLE MONEY, your business cannot prosper and will ultimately FAIL.

FAILURE HAPPENS WHEN A BUSINESS RUNS OUT OF MONEY!

The mystery to me is why more business owners don’t realize that ONE of the keys to MAKING A PROFIT is to KNOWING and UNDERSTANDING their NUMBERS and to PRIORITIZING their numbers. If every business owner was to do this, then there would be far less businesses struggling to make a profit and far less businesses failing.

So, let me ask YOU again.

DO YOU KNOW YOUR NUMBERS?

COULD YOU ANSWER MY QUESTIONS IF I CAME INTO YOUR BUSINESS TODAY?

If YOU think that YOU DON’T KNOW YOUR NUMBERS, then YOU must CHANGE!   YOU must become like the top 10% of business owners who are SUCCESSFUL, YOU MUST KNOW YOUR BUSINESS NUMBERS.

REMEMBER –  HAVE SMART BUSINESS THINKING AND SMART BUSINESS ACTIONS!!

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Know & Understand Your Target Customer

Know And Understand Your Customer

Know And Understand Your Customer

I frequently ask business owners who their TARGET CUSTOMERS are and, in the majority of cases, I get a vague answer which tells me that the majority of business owners do not KNOW who their TARGET CUSTOMERS are.Know & Understand Your Customer

 

 

 

 

 

 

About 10% can give me a very concise answer which tells me that these owners KNOW who their TARGET CUSTOMERS are.

But what is very interesting to me is that the businesses that KNOW WHO THEIR TARGET CUSTOMERS are the businesses that are the MOST SUCCESSFUL –  the top 10%, that I have talked about previously.  The businesses that DON’T KNOW WHO THEIR CUSTOMERS are, are always the MEDIOCRE businesses with MEDIOCRE SUCCESS.

But There Needs To Be Understanding, too

When a business owner KNOWS WHO THE TARGET CUSTOMER is, he or she can UNDERSTAND that customer, too.

And, this is vital.

Business Success Is Proportional To Knowing & Understanding Your Customer

Business SUCCESS is proportional to CUSTOMER KNOWLEDGE AND UNDERSTANDING – the greater a business owner KNOWS and UNDERSTANDS THE TARGET CUSTOMER, the GREATER THE BUSINESS SUCCESS.

To be one of the TOP 10%, YOU NEED COMPREHENSIVE KNOWLEDGE AND UNDERSTANDING of your TARGET CUSTOMERS.

Knowledge & Understanding Of Your Customer Is A Gold Mine

Comprehensive KNOWLEDGE and UNDERSTANDING of your CUSTOMERS is a GOLD MINE to YOU –  a licence to print money within your business.

This KNOWLEDGE and UNDERSTANDING will allow YOU to do the following:-

  • Supply the RIGHT PRODUCTS
  • Supply the RIGHT CUSTOMER SERVICE
  • Sell at the RIGHT PRICE
  • Use TARGETED MARKETING effectively
  • COMMUNICATE effectively

Your KNOWLEDGE and UNDERSTANDING can allow YOU do so much.

How Well Do You Know & Understand Your Customers?

Do YOU know and understand your customers well?

The chances are YOU do NOT!

Change your THINKING now –  take 10 minutes, now, and write down who YOU THINK your TARGET CUSTOMERS are:-

  • Are they business customers or members of the public?
  • What gender are they?
  • What age group are they?
  • What occupations do they have?
  • What spending power do they have?
  • How large is the main group of customers?

Here are just a few questions, you should ask yourself.

Then, YOU should ask yourself more questions:-

  • What help or benefits do they need and want?
  • What products will they buy?
  • How many products will they buy?
  • What will they pay for these products?
  • What customer service can they expect?
  • How often will they come back to buy more?
  • How do I contact them with my marketing?

Once YOU start to do this exercise, more and more questions should come into your MIND and each ONE must be answered by yourself –  the more questions and answers that YOU create, the greater your KNOWLEDGE and UNDERSTANDING of your TARGET CUSTOMERS will be.

Your KNOWLEDGE and UNDERSTANDING has to be so COMPREHENSIVE and in such DEPTH that YOU can literally put yourself into their shoes and THINK as they THINK.

When YOU have achieved this, YOU are then in the position to give your TARGET CUSTOMERS exactly what they want.

Set Yourself The Objective Of Knowing & Understanding Your Customer

Change how YOU THINK about your CUSTOMER now –  set yourself the OBJECTIVE of KNOWING AND UNDERSTANDING YOUR TARGET CUSTOMER COMPREHENSIVELY.

Then make CHANGES to the way YOU DO THINGS and see how your CUSTOMER NUMBERS and your SALES RISE.

YOU NEED SMART BUSINESS THINKING AND SMART BUSINESS ACTIONS!!!

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

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heart beach

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.

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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Business Success
Business Success

Be A Success By Copying Other Successful Businesses

Be A Success By Copying Other Successful Businesses

Presently 50% of businesses fail in the UK, but it does not have to be like this. People who run and start businesses don’t think enough about SUCCESS and how to SUCCEED.

Have you ever studied SUCCESS in great detail and given it GREAT thought? I bet you have not.

Business Success

But think about this:

If a certain business is successful, then if you were to copy the methods that it uses in your business, would you not be just as successful?

The answer is “YES!!!”

If you did it right, then you would be a success, too.

History Is Full Of Examples

When you look back at the history of starting and running businesses, there are loads of examples where SUCCESS IS SUCCESSFULLY COPIED. It goes on all the time, because it works.

In the 1960’s, McDonald’s were very successful in the US with their take-away burgers.  The founders of Burger King could see the success that McDonald’s were having and wanted to start a similar business, but they did not rush in  –  they did their HOMEWORK first.

They studied the most successful McDonald’s outlets and learned about the methods that they used, the products they were selling and the customers who bought these products.  They did much of this research by literally sitting outside the busiest outlets.  They then started their own outlet a very short distance from the busiest McDonald’s outlet and it proved a great success for the first Burger King.

Not only did the founders do things in a similar way, but they offered a similar product to McDonald’s, and as they set up close by, McDonalds customers would see the Burger King and come and visit  –  and this did happen. Burger King took a significant number of McDonald’s customers.

But Burger King were clever   –  they looked at the business model for McDonald’s and they copied it, but, importantly, they thought smart about it and asked themselves one very important question:

“How can we make this better?”

They Made Subtle Changes

As a result of that question, they made very subtle changes to the business idea and the products, which proved to be very popular with their target customers. One distinctive change was offering relishes and sauces with the burgers, which is something that McDonald’s, at the time, were not offering.

Copying goes on all the time –  Pepsi copied Coca Cola with their own cola drink and Apple and Samsung copy each other with their smart phones.  So it goes on all the time.

Understand What Your Competition Does & Why

Once you have identified a business to copy, it is important that you RESEARCH it heavily and UNDERSTAND why it is a SUCCESS and how the business model works.

You should look at all aspects of the business and ANALYSE EACH PART and THINK how you can incorporate the same ideas into your business. One thing you should consider would be any patent and copyright controls that may be in place and you should avoid these restrictions.

If You Want To Be a Success, Copy Success

If you want to be a SUCCESS in your business and not risk FAILURE, you should look at your SUCCESSFUL COMPETITORS and see what they are doing and copy them –  but add a twist, by making your version slightly different and better!

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

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