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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HOW TARGETED IS YOUR MARKETING?

How Targeted Is Your Marketing?

How Targeted Is Your Marketing?

How TARGETED is your MARKETING?

Does your MARKETING go directly to your TARGET CUSTOMERS?

Do your TARGETED CUSTOMERS see your MARKETING?

HOW TARGETED IS YOUR MARKETING?

Here are THREE QUESTIONS every business owner should ask themselves about their MARKETING.

If their MARKETING does NOT reach their TARGET CUSTOMERS, business owners cannot tell their TARGET CUSTOMERS about their businesses and their PRODUCTS and if the MARKETING is NOT TARGETED, then this MARKETING is being wasted.

Say, for instance, YOU sell golf clubs and YOU advertise in a local newspaper, the chances are your MARKETING is wasted. Maybe less than 1% of the readers to that newspaper would play golf and would be interested in buying golf clubs.

This form of MARKETING would NOT BE TARGETED –  but, it constantly amazes me that this sort of MARKETING is used, when the number of TARGET CUSTOMERS is really small.

Make Your Marketing Targeted

If, instead, YOU were to advertise your golf clubs in a golfing magazine or on a golfing website, your MARKETING would be far more TARGETED, simply because most of the readership would be players of the sport. In this case, there would be a HIGH NUMBER of your TARGET CUSTOMERS seeing your advertisement.

This is TARGETED MARKETING.

The prospects of selling golf clubs to the readers of a golfing magazine are far greater than to the readers of a local newspaper.

Your Target Customers Must See Your Marketing

Whatever your business and whatever your product, your MARKETING must directly reach your TARGET CUSTOMERS, and these TARGET CUSTOMERS must see your MARKETING, for your MARKETING to work.

In other articles, I have said that YOU MUST KNOW AND UNDERSTAND YOUR TARGET CUSTOMERS –  by doing this, it should tell YOU WHO YOUR TARGET CUSTOMERS ARE AND HOW TO REACH THEM WITH YOUR MARKETING.

Ask Yourself These 3 Questions

So, stand back and ask yourself the 3 QUESTIONS that I posed at the start to this article.

How TARGETED is your MARKETING?

Does your MARKETING go directly to your TARGET CUSTOMERS?

Do your TARGETED CUSTOMERS see your MARKETING?

Do this and make your MARKETING WORK MUCH BETTER and get a BETTER RETURN on the COST of your MARKETING.

THINK DIFFERENTLY ABOUT YOUR MARKETING.

HAVE SMART BUSINESS THINKING AND SMART BUSINESS ACTIONS

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

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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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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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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?

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!

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RECOGNITION, TRUST, SALES

6 Reasons Why You Should Build A Strong Brand

6 Reasons Why You Should Build A Strong Brand

Is your business recognized as a BRAND? Are your products recognized as a BRAND?

Is your BUSINESS NAME or the name of your PRODUCTS well known?

If the answer to these questions is no, then you are missing a trick to sell more of your products.

RECOGNITION, TRUST, SALES

Businesses like Tesco and products like Mars Bar are STRONG brands, but it is possible to create a BRAND IMAGE for any business and for any product, including your business and your products, and a BIG OBJECTIVE for you must be to deliberately create a STRONG BRAND IMAGE for your business and your products.

Why should you do this?

There are SIX advantages to creating a STRONG BRAND IMAGE and SIX REASONS why you should create a STRONG BRAND IMAGE.

  • Strong Brands create recognition
  • Strong Brands create trust
  • Strong Brands send out the message that your product is bought by others and gives benefits that others enjoy
  • Strong Brands can sell themselves
  • Strong Brands usually achieve greater sales
  • Strong Brands reduces marketing needs & costs

RECOGNITION IS IMPORTANT

Recognition is important – if your product is on a shelf in a shop, for instance, and it is next to a similar product that is less well known, then people are more likely to recognise your product and are more likely to buy your product as opposed to the other product.

YOU NEED TRUST

People often will not buy a product unless they know something about that product and have trust that it is right for them and will bring them the benefits that they want. Trust is something that is built up over time, but by being a recognised brand that people recognise immediately, then they are more likely to trust that product and will buy it.

SEND OUT A STRONG MESSAGE ABOUT YOUR BENEFITS

Being a STRONG BRAND sends out a STRONG MESSAGE to your target customers that this product is bought by many other people and it brings benefits that these people want, need and enjoy. If a target customer thinks that a certain product brings benefits for other target customers, he or she might well think that it will bring benefits to them, as well.

BRANDS SELL THEMSELVES

A STRONG BRAND will do much of its own SELLING and MARKETING respectively, which reduces your need to SELL and MARKET your product and thus this reduces the time, effort and money to SELL and MARKET, so enhancing your profits.   STRONG BRANDS will SELL themselves and STRONG BRANDS will MARKET themselves.

BRANDS USUALLY HAVE HIGHER SALES

STRONG BRANDS usually have GREATER SALES, so YOU must think that A STRONG BRAND IMAGE for your business and products will create STRONGER SALES and STRONGER PROFITS for your business.

YOU must say to yourself now:

“My OBJECTIVE must be to create a STRONG BRAND IMAGE for my business and for my products that people will instantly recognise”.

THINK SMART, ACT SMART

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?

USE CUSTOMER SERVICE TO GAIN SALES

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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RECOGNITION, TRUST, SALES

6 Reasons Why You Should Build A Strong Brand

6 Reasons Why You Should Build A Strong Brand

Is your business recognized as a BRAND? Are your products recognized as a BRAND?

Is your BUSINESS NAME or the name of your PRODUCTS well known?

If the answer to these questions is no, then you are missing a trick to sell more of your products.

RECOGNITION, TRUST, SALES

Businesses like Tesco and products like Mars Bar are STRONG brands, but it is possible to create a BRAND IMAGE for any business and for any product, including your business and your products, and a BIG OBJECTIVE for you must be to deliberately create a STRONG BRAND IMAGE for your business and your products.

Why should you do this?

There are SIX advantages to creating a STRONG BRAND IMAGE and SIX REASONS why you should create a STRONG BRAND IMAGE.

  • Strong Brands create recognition
  • Strong Brands create trust
  • Strong Brands send out the message that your product is bought by others and gives benefits that others enjoy
  • Strong Brands can sell themselves
  • Strong Brands usually achieve greater sales
  • Strong Brands reduces marketing needs & costs

RECOGNITION IS IMPORTANT

Recognition is important – if your product is on a shelf in a shop, for instance, and it is next to a similar product that is less well known, then people are more likely to recognise your product and are more likely to buy your product as opposed to the other product.

YOU NEED TRUST

People often will not buy a product unless they know something about that product, have trust that it is right for them and have confidence that it will bring benefits that they want. Trust is something that is built up over time, but by being a recognized brand that people recognize immediately, then they are more likely to trust that product and will buy it.

SEND OUT A STRONG MESSAGE ABOUT YOUR BENEFITS

Being a STRONG BRAND sends out a STRONG MESSAGE to your target customers that this product is bought by many other people and it brings benefits that these people want, need and enjoy. If a target customer thinks that a certain product brings benefits for other target customers, he or she might well think that it will bring benefits to them, as well.

BRANDS SELL THEMSELVES

A STRONG BRAND will do much of its own SELLING and MARKETING respectively, which reduces your need to SELL and MARKET your product and thus this reduces the time, effort and money to SELL and MARKET, so enhancing your profits.   STRONG BRANDS will SELL themselves and STRONG BRANDS will MARKET themselves.

BRANDS USUALLY HAVE HIGHER SALES

STRONG BRANDS usually have GREATER SALES, so YOU must think that A STRONG BRAND IMAGE for your business and products will create STRONGER SALES and STRONGER PROFITS for your business.

YOU must say to yourself now:

“My OBJECTIVE must be to create a STRONG BRAND IMAGE for my business and for my products that people will instantly recognize”.

THINK SMART, ACT SMART

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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