Be A Business Success By Copying Other Successful Businesses.
Want To Boost The Success Of Your Business?
A Method Guaranteed To Bring Business Success.
I have always achieved HIGH SALES AND HIGH PROFITS for my businesses by having TOTAL FOCUS on my CUSTOMERS and by RUNNING my businesses around my CUSTOMERS.
I have always put a massive amount of effort into KNOWING & UNDERSTANDING my TARGET CUSTOMERS. This is the starting point of TOTAL CUSTOMER FOCUS.
With this knowledge & understanding, I have been able to provide the RIGHT PRODUCTS for my CUSTOMERS at the PRICES that they wish to pay, using CUSTOMER SERVICE methods that really work and creating a GREAT CUSTOMER EXPERIENCE.
I have also made my MARKETING highly effective by reaching my TARGET CUSTOMERS allowing me to communicate very efficiently with my future and present CUSTOMERS.
With TOTAL FOCUS on creating the following, it has been able to RUN my businesses VERY EFFECTIVELY, creating HIGH SALES and HIGH PROFITS.
But it has always started with KNOWING and UNDERSTANDING my TARGET CUSTOMERS.
Ask yourself, now the following questions:-
“Do I really know my customers?”
“Who are my target customers?”
Then try to RESEARCH and UNDERSTAND your CUSTOMERS as well as YOU can and put your knowledge and understanding into ACTION.
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
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.
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:-
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:-
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’
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 contact me below:
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.
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, if you did things right?
The answer should be “YES!!!”
If you did it right, then you would be a success, too.
When you start your new business, make it a success by copying successful businesses.
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?”
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.
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 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. or contact me here:
If you wish to start your own business, but are struggling for an idea, you should stand back and look at yourself and ask yourself SIX questions:-
One business idea could be to wrap up your strengths, talents, experience, knowledge and interests into a product that could bring great benefit to others, especially if you could sell enough of your product to make a good profit.
We all have strengths, talents, experience and knowledge specific to ourselves and the chances are that these can be converted into a product that could be sold to customers to create a viable business. If these strengths, talents, experience and knowledge are supported by a great personal interest, too, this could be a great driver to create a business success.
Maybe you are employed as a book-keeper, for instance, working for a large company, but, despite loving numbers, you feel unfulfilled, maybe due to the lack of contact with people, being ‘locked’ away in an office. Creating your own book-keeping business might make you feel fulfilled, by having direct contact with more people, such as a number of your individual clients.
You may have a hobby as an interest and think that you could convert that into a business – for someone who is good at flower-arranging, for instance, a business supplying floral arrangements would be a good idea. If you are good at making cakes, a business supplying wedding cakes etc. may be viable.
You should think that the most successful businesses are the one that give the most benefits to people in the form of their products. Think how your strengths, talents, experience, knowledge and interests could be converted into a product that would give great benefit to a large number of people.
If you would like to discuss any business ideas that you may have with me, please email at Robert@www.prestigebusinesscoaching.co.uk – or contact me here. I would be pleased to help you.
How healthy is your business?
Are your sales rising?
Are your margins good?
Do you have control of your costs?
Are your Profits growing?
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:-
You should ask yourself questions about your products:-
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:-
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:-
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:-
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!
How well do you know and understand your customers? – hopefully better than Marks and Spencer!
Early in January 2016, Marks and Spencer reported poor non-food sales, while their food sales did really well. Here, Marks and Spencer demonstrates brilliantly how important it is to KNOW EXACTLY WHO YOUR TARGET CUSTOMERS are, if you are to optimize your sales.
On the food side of the business, the products offered are exactly what the customers want from Marks – the business knows and understands their TARGET CUSTOMERS and they know what PRODUCTS these customers want. And, through this knowledge, they are able to target these customers well with their marketing. The result is and has always been good food sales.
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.
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.