Tag: business advice

Are You Shackled By Your Business?

Are-You-Shackled-By-Your-Business Are You Shackled By Your Business?

Are You Shackled By Your Business? 

Are You Trapped By Your Business? 

Are You Working Too Many Hours? 

Do You Have A Poor Work To Life Ratio?

 

If you can answer "Yes" to any of these question, you should really read this article.
Several weekends ago, my son arranged for us to join a group on a brewery tour of a successful family brewery in Wiltshire.
I am an ex brewer and in one of my former lives, I ran a very successful microbrewery before selling in 2001. He knew I would enjoy it and I did; it was a great day touring the brewery and seeing how this particular company brewed their beer.
The reason for this article is not to tell you about the family brewery – although I might well do that at a later stage – but to tell you about the small hotel, I stayed in for the weekend whist visiting the brewery.
The brewery was located in a lovely small market town and I booked two nights in one of the several hotels in the town.  It was the sort of place that I like to stay – several hundred years old, with many of the original historic features. It not only offered accommodation but also had a full bar where you could enjoy a meal and a drink.
The room was very clean and comfortable, and a good hearty breakfast was served each morning of my stay. 
But I felt not all was well with this business.
On talking to the lady of the house, she told me the entire place was run by just her and her husband with both working 100 hours per week each and she said they had both done this for the past 20 years.
She said they employed one person, one day per week to clean the hotel rooms; this was their only employment.  She qualified this by saying that if she employed more staff, they would have to increase their prices.
Observing her, I also noticed that she obviously had health issues with a poor hip and leg, probably aggravated by the long hours and the physical toll on her body.
The couple knew I was an ex Publican and an ex Brewer but did not know I was also a Business Coach. They did not seek any advice from me nor did I offer any. I sensed that they were conditioned to this way of working and my advice would probably have fallen on deaf ears.
I know from my pub days that running such a business does involve long hours but after 20 years in this business, they should be working much fewer hours, say, 40 but no more.
During my weekend, I observed that many of the other pubs and cafes in the town were much busier than my host couple, obviously serving more drinks and food.  Also when I booked my stay, all the quality hotels were full, except for the hotel of my hosts.
While generally being happy with my stay, I would not recommend it to others and I would not choose to return again.  The interior while being historic was tired-looking in places, in urgent need of decoration and of general freshening up.
But one major thing that disappointed me was that my room was not cleaned or refreshed in readiness for my second night’s stay – I had never experienced this before and this seriously spoilt the experience, as far as I was concerned. But importantly, I am sure others staying for more than one night would have felt the same; their policy of not employing more staff was certainly a poor policy in this respect and was contributing to the low occupancy rate for their hotel rooms.

 

This Couple Are Trapped In Their Business

This couple are trapped within their business, unable to reduce their hours, risking their health and giving them a poor life to work balance.
They are living to work.
The lady of the house said that employing more staff would mean them increasing their prices. 
She was very wrong saying this.
They were probably both working to their full capacity, but I could see from the other similar business in the town, they could probably easily double their bar and hotel trade.
This extra trade and gross profit would allow them to afford to employ more staff without increasing their prices. And, the extra staff would allow them to reduce their hours and to give them a better life/work balance.

 

Long Hours Are Sometimes Necessary In Many Businesses

Long hours are very necessary in many businesses, particularly in the start-up phase, say for the first couple of years, but no business owner should be working long hours after 20 years.
Working long hours for many years is very damaging to health and should be avoided.
Over the past 30 plus years, I have seen many businesses like this one.  This couple, sadly, are not unique.
Many businesses in this situation simply do not have the time to think about how they can change things. And, even if they could see how to make the right changes, they are probably too tired to make the changes.
Also, confidence can be an issue – many business owners do not like to make changes in case they don’t work. They are fearful that making changes could worsen their situation not better it.
Many such businesses have low profits and low profitability and the owners are not prepared to risk lowering their profits still further by making the changes.

Are-You-Shackled-By-Your-Business Are You Shackled By Your Business?

Changes Are Possible

If you are a business owner who is similarly trapped by his or her business, it is possible to remedy the situation and here is some good advice:
1.      Firstly, you must allocate some quality time out of your busy schedule for some regular, quality thinking. The brain works much better when it is not tired and not stressed so choose the right time of day when your thinking will be most effective. You should also make this thinking a daily habit.
2.      Being able to afford more help with your business relies on the ability to increase your sales, your profits and your customer numbers. As part of your thinking, you must research your trading market to assess how much all three can be increased.
3.      You should look at your products and your offerings to assess whether these are what your target customers really want and whether you can make improvements. A good way to do this is to ask your customers what their views are and to look at the offerings of your competitors.
4.      You should look at the customer experience, derived from your products and offerings and assess how good this is.  In a highly competitive market, your objective should be for an excellent customer experience.
5.      Overall customer satisfaction is the ultimate barometer for the performance of your business. You should ask your customers how satisfied they are with your offerings – this should include your actual products, customer service, pricing, ease to purchase, etc.   Really every customer contact point should be assessed with the view of optimising your satisfaction rating.
6.      Your marketing should be assessed to ensure your target customers see your marketing and understand what you are offering. For marketing to be effective, it has to be a continual process using all the techniques available.
7.      Based on your findings, you should assess what action is needed and put this into a very simple, step by step plan.
8.      With all changes, you must think that there could initially be increased costs before the extra sales and profits come to fruition. As part of your plan, you should do a rough profit and loss projection for your business incorporating the new changes. Here you should include projections for your new sales, new margin, new costs and likely net profit, etc..
9.      Don’t be frightened to ask for advice. Business can be very lonely when you are trying to do something new and on your own. The best source for advice could be from other experienced business owners, business coaches and business mentors. Be careful about advice from friends and family, though.
This is a very rough appraisal of the minimum changes required for a business owner to release the shackles of long hours. 
It is very possible to do it, but you need to have the will to do it and to be able to make the time available to think and to effect the changes.
I really fear for the couple running the hotel in Wiltshire; but I also fear that they see no need to change and have no inclination to do so at the moment. 
I really hope that their health does not deteriorate massively in the coming years.
If you wish to discuss this matter more fully with me, please contact me below or email me at Robert@prestigebusinesscoaching.co.uk.
I would love to hear from you.

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7 Strong Reasons Why You Should Build A Strong Brand

TRUST10 7 Strong Reasons Why You Should Build A Strong Brand

7 Strong 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 any of these questions is no, then you are missing a trick to sell more of your products.

Businesses like Tesco, Marks & Spencer, Ford, Dyson and products like Mars Bar, Fairy Washing Up Liquid are STRONG brands, which means most people have heard of them.

These BRANDS, by and large, are famous for providing high quality and, as a result, they instil trust in their customers and in new customers to come and buy.

Which means being a BRAND is very powerful  -  being a BRAND with enhance the BUSINESS SUCCESS of any organization.

 

BRANDS CAN BE CREATED

Whether you are a start-up or an established business, it is possible to BUILD A STRONG BRAND and thus create a STRONG BRAND IMAGE for any business and for any product, including making both your business a STRONG BRAND NAME and your products a STRONG BRAND NAME, and a BIG OBJECTIVE, as part of your BUSINESS PLAN, must be for you to deliberately create a STRONG BRAND IMAGE for your business and your products.

Why should you BUILD A STRONG BRAND?

There are SEVEN advantages to creating a STRONG BRAND IMAGE and SEVEN 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
  • Strong Brands will allow you to charge more for your products

 

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.

When you build a strong brand you create recognition.

 

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.

When you build a strong brand you create trust.

 

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.

When you build a strong brand you create the impression that many people trust it and buy it.

 

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 reducing your marketing costs and 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.

When you build a strong brand you create the potential for higher sales.

 

YOU CAN CHARGE HIGHER PRICES

By being a recognised BRAND, that is trusted, YOU can command a higher price for your PRODUCTS, which in turn will drive up your PROFITS.

When you build a strong brand you create the ability to charge more for your products.

TRUST10-600x319 7 Strong Reasons Why You Should Build A Strong Brand

 

PROMISE YOURSELF THAT YOU WILL CREATE A BRAND

So, SEVEN very powerful reasons for you to create a STRONG BRAND out of your BUSINESS NAME and your BUSINESS PRODUCTS.

YOU must say to yourself now:

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

Do it today - include it in your BUSINESS PLAN and include it in MARKETING.

 

HAVE SMART BUSINESS THINKING & SMART BUSINESS ACTIONS

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

or contact me here:

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Your Customer Is King

Your-Customer-Is-King-1 Your Customer Is King

Your Customer Is King!

Your Customer Is The Most Important Part Of Your Business.

Without your CUSTOMER, YOU will have NO SALES with NO money coming into your business and, ultimately, you would have NO PROFIT for your business.
But to make a GOOD PROFIT, YOU need a LARGE number of customers buying a LARGE number of products, giving you LOADS of money as SALES.
This is why your CUSTOMER IS KING!
And, you must keep THINKING this.
 

Many Businesses Don't Have Enough Customers To Provide Enough Money For The Business To Function

Many businesses that struggle or fail, DON’T have enough CUSTOMERS buying enough products to give the business enough MONEY to function right.    Then, there is NOT enough MONEY to cover the COSTS and EXPENSES of the business and the business RUNS OUT OF MONEY and STOPS!!
It is as simple as that.
 

Focus On The Customer Is The Answer

The answer is to accrue enough CUSTOMERS to provide the business with enough MONEY to pay the COSTS and EXPENSES and to give the business a good PROFIT,
Entrepreneurs and businesses that FOCUS HEAVILY on their TARGET CUSTOMERS and RUN their businesses around their TARGET CUSTOMERS, always do MUCH BETTER and always have greater SUCCESS.
This is known as making the business CUSTOMER-CENTRIC or, in other words, running the business around the CUSTOMER.

Being Customer-Centric, Allows A Business To Think Differently

By being CUSTOMER-CENTRIC and having a heavy FOCUS on the CUSTOMER allows the business owner to think differently about the business and, in particular, think differently about the CUSTOMER.
These businesses:-
  • Know their target customers well
  • Understand their target customers comprehensively
  • Understand the need and wants of their target customers
  • Understand what products will deliver benefits to their target customers
  • Give their target customers what they want & need
  • Know how to contact their target customers through their marketing etc.
  • Keep talking to their customers
Businesses that treat their CUSTOMERS AS KING and are CUSTOMER-CENTRIC have a far deeper knowledge of their target customers - they know who they are, what they want and what they need and they UNDERSTAND what products to sell to them.
 

Greater Sales And Profits Result

The result is always more PRODUCTS SOLD, greater SALES, greater REVENUES and greater PROFITS.
Through this knowledge, they also understand how to reach them better through their marketing; their marketing is more targeted, less wasteful and more effective and this creates more CUSTOMERS for the business at a reduced marketing cost.
 

Create An Army Of Loyal Customers

Over time, this approach accumulates a large volume of CUSTOMERS for a CUSTOMER-CENTRIC business - AN ARMY of LOYAL CUSTOMERS who return time and time again to buy their PRODUCTS and put LOADS OF MONEY into the business.

 

Let Me Ask You Some Questions

  • How CUSTOMER-CENTRIC are you?    
  • Do you think that your CUSTOMER IS KING?
  • How heavily do YOU FOCUS on your TARGET CUSTOMER?
  • Do YOU really UNDERSTAND your TARGET CUSTOMERS and what their NEEDS and WANTS are?
  • Do your products really deliver the RIGHT BENEFITS to your target customers?
  • Do YOU have an ARMY of LOYAL CUSTOMERS buying time and time again from YOU?
 

Your Sales & Profits Could Be Low, If You Don't Have Focus On your Customer

If your SALES and PROFITS are LOW, it could be because YOU DON’T FOCUS enough on your TARGET CUSTOMERS and YOU DON’T RUN your business around your CUSTOMER enough, if at all.
It is time to change your thinking:
 
THINK DIFFERENTLY ABOUT YOUR TARGET CUSTOMERS - THINK YOUR CUSTOMER IS KING!
 
 Your-Customer-Is-King-1-600x319 Your Customer Is King

Set Yourself A New Objective

Set yourself a NEW OBJECTIVE and say to yourself now:
“My OBJECTIVE must be to FOCUS HEAVILY on my TARGET CUSTOMERS and to RUN my business around my TARGET CUSTOMER”.
Whether you are starting a business or you are an established small business, you must design your business plan and business strategy around your customer.
Make your business CUSTOMER-CENTRIC and think that your CUSTOMER IS KING!
If you would like further advice on this article, please contact me: robert@prestigebusinesscoaching.co.uk

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How-Healthy-Are-Your-Profits.docx-3-300x160 Your Customer Is King         Double-Your-Profits-7-300x160 Your Customer Is King

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Is Your Business Profit Good?

How-Healthy-Are-Your-Profits.docx-3-600x319 Is Your Business Profit Good?

Is Your Business Profit Good?

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?

  • Is your business profit good?

  • Do you need to boost your business profit?

    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!

How-Healthy-Are-Your-Profits.docx-3-600x319 Is Your Business Profit Good?

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.

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Make Your Business Startup A Success, By Doing Your Homework

DO-YOUR-HOMEWORK-600x319 Make Your Business Startup A Success, By Doing Your Homework

Make Your Business Startup A Success By Doing Your Homework

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

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

There Is a Big Reason For Failure

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

What do I mean by HOMEWORK?

In short, I mean FOUR things:-

  • RESEARCH
  • UNDERSTAND
  • THINK
  • PLAN

You Must Research Everything

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

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

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

Understand Your Trading Market

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

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

Know Your Customers, Your Products & Your Customer Service

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

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

Understand Your Competitors

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

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

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

Know Your Prices

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

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

Look At Your Marketing

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

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

Know Your Numbers

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

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

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

Create A Simple Business Plan

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

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

Then Put Your Plan Into Action

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

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

DO-YOUR-HOMEWORK-600x319 Make Your Business Startup A Success, By Doing Your Homework

Summary

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

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

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

Be A Success

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

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

HAVE SMART BUSINESS THINKING,  SMART BUSINESS ACTIONS

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

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Double Your Profits For your Business & Your Business Success

Double Your Business Profits By Making Small Changes

Double Your Business Profits By Making Small Changes

It is very possible to DOUBLE YOUR PROFITS by making SMALL changes to your REVENUE SALES, MARGINS and COSTS.

Double-Your-Profits-7 Double Your Business Profits By Making Small Changes

If YOU have read some of my other articles on this site, YOU would have read my comments about the top 10% who achieved huge profits and huge success in their businesses and the remaining 90% who are running mediocre business with mediocre profits.     In my articles, I have also made several references to SMART BUSINESS THINKING and SMART BUSINESS ACTIONS and have said that if the 90% want to migrate to the top 10%, they have to change their THINKING and ACTIONS in their businesses.

In this article, I want YOU to THINK that through SMART BUSINESS THINKING and SMART BUSINESS ACTIONS, YOU could increase your NET PROFITS dramatically by only making small changes to your business.

I know from experience in my own businesses and working with other businesses that relatively small changes can be made that could literally DOUBLE your NET PROFITS, through doing the following:-

  • REVENUE SALES be increased by 20%
  • MARGINS be increased by 8%
  • COSTS be decreased by 10%

Let me give YOU an example for an average business with £125,000 REVENUE (ex VAT), GROSS PROFIT of 50% or £62,500 and COSTS of £40,000.

A PROFIT AND LOSS SUMMARY for this business could look like this:-

  • REVENUE SALES   £125,000
  • GROSS PROFIT         £62,500   (50%)
  • COSTS                        £40,000
  • NET PROFIT              £22,500   (18%)

But if YOU made the changes that I highlighted above, the PROFIT AND LOSS SUMMARY could look like this:-

  • REVENUE SALES   £150,000
  • GROSS PROFIT         £81,000   (54%)
  • COSTS                        £36,000
  • NET PROFIT             £45,000  (30%)

Here the NET PROFIT MONEY is doubled to £45,000 and the NET PROFIT PERCENTAGE has risen 66% from 18% to 30%. Hopefully, YOU can see that a BIG CHANGE to the NET PROFIT has been made through reasonably small changes to the BUSINESS NUMBERS.

Surely £45,000 is MUCH BETTER than £22,500!

But, I hear YOU say that YOU could NOT make these changes in your business, small as they maybe.

My reply would be that these changes could be easier than YOU THINK, so please read on!

HOW TO DO THIS

If YOU have read some of my other ARTICLES on this site, YOU would have read that I have said YOU should KNOW and UNDERSTAND YOUR TARGET CUSTOMERS COMPREHENSIVELY.     This means KNOWING and UNDERSTANDING them MUCH BETTER than YOU do now  –  MUCH BETTER!!!

Through this KNOWLEDGE, YOU will be to achieve the following:-

  • YOU will able to TARGET your TARGET CUSTOMERS much better with your MARKETING, grabbing more CUSTOMERS and making them BUY MORE from YOU.
  • YOU will be able to BUILD A BIGGER ARMY OF LOYAL CUSTOMERS who will return time and time again to BUY MORE.
  • YOU will be able to provide MUCH BETTER PRODUCTS that will provide BETTER HELP and BENEFITS for your TARGET CUSTOMERS.
  • YOU will be able to provide MUCH BETTER CUSTOMER SERVICE that will EXCITE and IMPRESS your TARGET CUSTOMERS.
  • By providing BETTER PRODUCTS and BETTER CUSTOMER SERVICE, YOU will be able to increase your PRICES modestly.
  • By EXCITING your CUSTOMERS, YOU will create WORD OF MOUTH, the most powerful MARKETING TOOL in business, thus reducing your MARKETING COSTS.

All of the above will GROW your REVENUE SALES and GROSS PROFIT and help to reduce some COSTS.    In addition to this, every business owner should do a COMPREHENSIVE AUDIT of their REVENUE, MARGINS & COSTS ideally every 3 months and certainly every 6 months to see where they can GROW their business and make SAVINGS  –  many businesses don’t do this EVER!!

The most successful in business will do this as a course of habit.

If YOU want the same SUCCESS, YOU could achieve it by acquiring this same habit.

Hopefully, this has convinced YOU that this possible.

Double-Your-Profits-7 Double Your Business Profits By Making Small Changes

YOU COULD DO EVEN BETTER THAN THIS

In my view, doing what I have described is the minimum anyone can do in their businesses –  I THINK much more is possible  –  I am talking about DOUBLING or TREBLING REVENUE SALES!!!

The WILL to MAKE THE CHANGES along with SMART BUSINESS THINKING and SMART BUSINESS ACTIONS is all that is needed.     This will create the FOCUS to look at your CUSTOMERS, your PRODUCTS, your TRADING MARKET and EVERYTHING ELSE in your business and an AVALANCHE of possibilities will unfold to effect the changes that I have described here in this ARTICLE.

TRY DOING THIS NOW!!!

WHY NOT SET YOURSELF THE OBJECTIVE of:-

  • INCREASING REVENUE SALES by 20%
  • INCREASING MARGINS by 8%
  • DECREASING COSTS by 10%

And, DO IT NOW!!!

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

Or please leave a comment below.

SMART BUSINESS THINKING & SMART BUSINESS ACTIONS!

NEWSLETTER-300x300 Double Your Business Profits By Making Small Changes

8 Ways For Overcoming The Fear Of Failure In Business

photo-1428999418909-363f8e091c501-e1454500416403 8 Ways For Overcoming The Fear Of Failure In Business

8 Ways For Overcoming The Fear Of Failure In Business

The Fear Of Failure Is Very Common & It Can Be Very Disabling, Holding Entrepreneurs Back.      But It Can Be Beaten & In This Article, I Describe 8 Ways For Overcoming The Fear Of Failure.

If The Fear Of Failure Is Holding You Back, Please Read On.

The fear of failure in business is very common and it can prevent people who run businesses from moving forward. It is usually a state of mind that can be very immobilizing, preventing us from stepping outside our comfort zones into the unknown, leaving us saying:

“I Can’t Do This”

This can manifest itself in someone fearing failure by feeling physically stressed and anxious and thinking: “I CAN’T DO THIS”

By Changing Things, People Think They Risk Failure

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

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

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

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

8-Ways 8 Ways For Overcoming The Fear Of Failure In Business

The Subconscious Mind Is Programmed To Protect Us

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

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

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

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

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

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

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

It Is Possible To Beat The Fear Of Failure

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

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

I Had The Fear Of Failure When I Started

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

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

Or you can contact me below:

Contact-Robert 8 Ways For Overcoming The Fear Of Failure In Business

 

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

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Is Your Mindset Holding You Back?

 

mindset-e1454502575252 Is Your Mindset Holding You Back?

Is Your Mindset Holding You Back?

Your mindset could be the difference between SUCCESS and FAILURE.

Psychologists suggest that business people have one of two MINDSET TYPES:-

  • GROWTH MINDSET
  • FIXED MINDSET

The most successful in business have a growth mindset.

What mindset do you have?

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

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

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

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

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

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

A Fixed Mindset Is Opposite To A Growth Mindset

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

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

You Can Make Changes

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

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

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

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

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

Or contact me below:

Contact-Robert Is Your Mindset Holding You Back?

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

I look forward to hearing from you.

 

Newsletter Is Your Mindset Holding You Back?

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