For Greater Business Success, Have Smart Business Thinking

Want Greater Business Success? Change Your Thinking

For-Greater-Business-Success-Have-Smart-Business-Thinking-600x319 Want Greater Business Success? Change Your Thinking

Want Greater Business Success?

You Must Change The Way You Think For Your Business Success

I am absolutely certain you WANT GREATER BUSINESS SUCCESS and it could be easier to achieve than you think.   It is possible to enhance your business success through the power of thinking and positive thinking.

Yes, by changing your 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.

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.

 

Thinking & Grow Rich

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 this THINKING PROCESS, as outlined in Napoloeon Hill’s book, 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.

‘Think & Grow Rich’ by Napoleon Hill is still available in print and available from Amazon  and I thoroughly recommend you read it –  https://www.amazon.co.uk/Think-Grow-Rich-Napoleon-Hill/dp/1912032627/ref=sr_1_6?s=books&ie=UTF8&qid=1498462758&sr=1-6&keywords=think+and+grow+rich

This Is Called Programming The Mind

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.

Have-A-Strong-Positive-Business-Mind-600x319 Want Greater Business Success? Change Your Thinking

Once you have PROGRAMMED YOUR MIND to think that you will have GREATER BUSINESS SUCCESS and become RICHER, 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

The most successful in business THINK about their customers is very different way to the rest 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.

If you WANT GREATER BUSINESS SUCCESS, you must think differently about your customers.

Marketing

The most successful in business 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.

If you WANT GREATER BUSINESS SUCCESS, you must change your marketing.

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.

If you WANT GREATER BUSINESS SUCCESS, you must get your business numbers right.

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.

You need absolute control for GREATER BUSINESS SUCCESS.

For-Greater-Business-Success-Have-Smart-Business-Thinking-600x319 Want Greater Business Success? Change Your Thinking

Smart Business Thinking Starts With The Power Of Thought

These are just a few examples of how the THINKING of the most successful entrepreneurs works.

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.  A business plan for success results.

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.

Robert-Viney-525x350 Want Greater Business Success? Change Your Thinking

If you wish to discuss this with me more fully, please email me at Robert@prestigebusinesscoaching.co.uk or leave a comment below.  You could also sign up for my NEWSLETTER for more great business tips

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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 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’

10-CLUB-300x208 YOU MUST KNOW HOW TO RUN YOUR BUSINESS RIGHT

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.

NEWSLETTER-300x300 YOU MUST KNOW HOW TO RUN YOUR BUSINESS RIGHT

How Healthy Are Your Profits

How Healthy Are Your Profits?

How Healthy Are Your Profits?

How healthy is your business?

Are your sales rising?

Are your margins good?

Do you have control of your costs?

Are your Profits growing?

How-Healthy-Are-Your-Profits.docx-3-300x160 How Healthy Are Your Profits?

If your sales and profits are growing then you should have a healthy business. But if your sales and profits are flat or are decreasing, then your business is not so healthy and you need to take action.

In such a situation, your business needs a complete re-think –  you need to re-think everything within your business, starting with FOUR major areas:-

  • Your Products
  • Your Customers
  • Your Margins
  • Your Costs

You should ask yourself questions about your products:-

  • Are your products matched exactly to the needs and wants of your customers?
  • Do your products bring real benefits to your customers?
  • Do your products make the lives of your customers better?
  • Are your products priced right to give value for money but also a good margin?
  • Have your product sales dipped in the past 12 months and, if so, by how much and why?

You need to sell a high number of your products to generate high sales that keep growing, but you will only achieve that if your products match exactly the needs and wants of your customers.

You should ask yourself questions about your customers:-

  • Do you understand fully who your target customers are & everything about them?
  • Do you have an army of customers that is growing?
  • Do your customers return to buy more from you?
  • Do your customers tell their friends about you?
  • Do your customers get a good customer experience from your business?
  • Has your customer numbers dropped in the past 12 months and, if so, by how much?

It is imperative that you understand who your target customer is and you understand everything about the needs and wants of that customer –  then you should be able to sell them the right product and achieve a large army of customers and keep growing that army.

You should ask yourself questions about your gross profit margins:-

  • Is your margin sufficient to pay your costs and to give you a good net profit?
  • Are your selling prices lower than the equivalent charged by your competitors?
  • When was your last selling price increase?
  • Are you paying too much for your products?
  • Has your margin slipped in the past 12 months and, if so, by how much?

It is important to understand how your margin affects your net profit –  it must be large enough to comfortably pay all your costs and to give you a high net profit.  Are your prices too low and if you were to increase them, would sales slip?  In my experience, if you have a strong product offering, price increases should not affect sales.

You should ask yourself questions about your costs:-

  • Do you have a clear understanding of all your costs?
  • Are you as efficient and lean as you could be?
  • Do you know which costs have increased over the past 12 months, and by how much and why?
  • Are there purchases being made that could be trimmed or eliminated?

It is very easy for costs to creep up and to not be noticed. You should look at each cost and analyse each one and see where quick savings can be made.

From experience, doing this exercise can often generate significant changes to the health of a business. Even just a 10% increase in sales, a 2% increase in margin and a 10% decrease in costs can have a dramatic effect on the net profit, often adding as much as 40%  –  now that is surely worth having?

Have a think about this now!

This is a very quick snapshot of possible remedies for an unhealthy business, but if you would like some more advice, email me now: Robert@prestigebusinesscoaching.co.uk.

Or leave me a comment below.

THINK SMART, ACT SMART!

NEWSLETTER-300x300 How Healthy Are Your Profits?

Don't Make The Same Mistake As Marks & Spencer

Don’t Make The Same Mistake As Marks & Spencer

Don’t Make The Same Mistake As Marks & Spencer

How well do you know and understand your customers? –  hopefully better than Marks and Spencer!

Early in January 2016, Marks and Spencer reported poor non-food sales, while their food sales did really well.  Here, Marks and Spencer demonstrates brilliantly how important it is to KNOW EXACTLY WHO YOUR TARGET CUSTOMERS are, if you are to optimize your sales.

mS Don't Make The Same Mistake As Marks & Spencer

On the food side of the business, the products offered are exactly what the customers want from Marks –  the business knows and understands their TARGET CUSTOMERS and they know what PRODUCTS these customers want.  And, through this knowledge, they are able to target these customers well with their marketing.  The result is and has always been good food sales.

NON FOOD SALES ARE POOR!

But on the non-food sales, Marks does not enjoy the same success and the reason is very simple  –  they do KNOW and UNDERSTAND who their TARGET CUSTOMERS are.  Women’s clothes has always been the major part of non-food sales, but there is a real disconnect here in how they approach this, the biggest part of their market.  For years, the TARGET CUSTOMER has been the woman over 55, yet they don’t offer the PRODUCTS that this age group want to buy.  Instead, they offer clothes that are based on the fashions from the ‘catwalk’ aimed at younger women.  What’s more, their marketing reflects this, too  –  it is targeted at the younger woman.   This age group tend not to shop at Marks and Spencer, preferring outlets such as Next. And, even those of this age group who do shop in Marks and Spencer say there is nothing for them there to buy.

One BIG FACT that Marks and Spencer seem to miss is that daughters do not buy clothes in the same shops as their mothers buy their clothes from. Marks should let Next deal with the daughters, while they supply their mothers.

When you look now at the clothes offered to women by this business, I think there is a vast and confusing choice, which they are hoping will appeal to women between the ages of 20 upwards.

I am not the only expert to say this, most retail industry experts have the same view. If Marks and Spencer were to accept that their TARGET CUSTOMER is the over 55 age woman and accept they must offer clothes that this age group want to buy, that would be a good FIRST step.   But they have to go further  –  they have to engage with these women, very comprehensively, and ask them EXACTLY what they want from Marks and Spencer.

Then, when they offer the clothes that they are told to supply, customer numbers would improve and sales would recover, too.

THEY NEED TO RESEARCH HEAVILY

I think if they were to RESEARCH heavily what this age group want in terms of lifestyle clothing, they may well find that women in their early 50‘s and 40’s would also buy these clothes, too, and this would still give them a very broad CUSTOMER TARGET range, but not as broad as what they are offering now. The result would be a much better shopping experience for their TARGET CUSTOMER with a smaller, less bewildering range of clothes aimed at a smaller group of customers.

YOU MUST BE DIFFERENT

YOU MUST BE DIFFERENT TO MARKS AND SPENCER –  YOU MUST KNOW AND UNDERSTAND YOUR TARGET CUSTOMER.

Then, from that UNDERSTANDING, you must ensure your PRODUCTS are exactly what your TARGET CUSTOMERS NEED and WANT and you must ensure your MARKETING is TARGETED exactly at those TARGET CUSTOMERS to tell them about you and your business.

  • KNOW & UNDERSTAND YOUR TARGET CUSTOMERS
  • SELL THEM EXACTLY WHAT THEY WANT & NEED
  • MAKE YOUR MARKETING TARGET THESE CUSTOMERS

This is the SMART way to do business –  but, what amazes me is that Marks and Spencer are not the only ones to make this BIG MISTAKE  –  don’t let that be you.

THINK SMART, ACT SMART!

NEWSLETTER-300x300 Don't Make The Same Mistake As Marks & Spencer