Be A Business Success By Copying Other Successful Businesses.
Want To Boost The Success Of Your Business?
A Method Guaranteed To Bring Business Success.
Just 1% of all businesses and entrepreneurs are mega successful and only 10% of all business make a good profit and provide a good living and good retirement prospects for their owners.
That is the sad reality.
90% of businesses either fail or just drift along, languishing in mediocrity in terms of profits and performance & many never really achieve real business success.
Often the owners of those 90% of businesses cannot see how they can elevate themselves and their businesses to do better. Sadly, many of these entrepreneurs do not realize that the switch to become a member of the ‘10% CLUB’ of the 10% most successful businesses is much easier than they think.
For me, a successful business is one that is growing in sales with a good profit base and a strong balance sheet. The following sums up an ideal successful business:-
This is a very rough appraisal.
For me, a SUCCESSFUL BUSINESS is one that is growing and making money, but is also one where the owners are in full control and are happy and are enjoying running their business with a good life balance. A successful business entrepreneur should be able to draw a good income, leaving a good residue profit for re-investment and for building the balance sheet.
A successful business entrepreneur is one that could sell after, say 10 or 12 years, for a good reward that would allow them to retire or for a sum that would allow them to go a big way to providing for their long term.
Sadly, too many business owners do not find themselves in the scenario of the ideal successful business that I describe above. Many of the 90% of businesses have poor mediocre sales and profits with low or no growth. These owners find themselves stressed as a result and importantly they are not happy and are not enjoying the experience of running their businesses.
Many business owners would say that money is not important and I think that can be right, but I know from experience that a business is much easier to run and provides a much happier experience for the business owners if sales and profits are growing at a good rate of the order of 20% or more.
If you are a business owner, where growth in sales is flat and profits are poor, you should think that it is much easier to transform your business nearer to the scenario that I describe above than you possibly think.
If YOU want to make the change and to become a great BUSINESS SUCCESS, the place to start is to think that your business is about TWO FUNDAMENTAL PARTS:-
Harvard Business School has consistently said that business success is consistently down to ATTITUDE rather than STRATEGY. You can have the best business strategy and the best business plan but if your attitude is weak and negative, then your strategy is not going to work and YOU will never achieve real BUSINESS SUCCESS.
As the business owner, your business success is determined by YOU. So if YOU want to become one of the most successful business entrepreneurs and achieve huge business success, YOU have to change 'YOU'.
YOU have to become like the most successful in business.
PART 1 is YOU and includes:-
Part 1 includes your mind, your mindset, your attitude and your thinking and how YOU carry out your actions within your business.
The most successful business entrepreneurs all have the same mind characteristics and consistently have similar attitudes and mindsets. Consistently most successful entrepreneurs have the same qualities, such as:-
If YOU wish to replicate their business success, YOU need to develop the same MINDSET.
From my experience, the right business mindset starts with a STRONG, POSITIVE ATTITUDE, a HUGE PASSION for what they do, a BURNING DESIRE to be successful, a MASSIVE BELIEF in SUCCESS and a MASSIVE BELIEF in the ABILITY to achieve everything within the business.
GOAL SETTING is incredibly important for maintaining the right mindset. The most successful entrepreneurs in business all use goal setting and they always work hard to achieve their goals, with each goal achieved propelling them forward. By continually setting and achieving goals means the most successful are continually making progress.
The process of GOAL SETTING creates intense FOCUS which, in turn, creates DETERMINATION, PERSISTENCE, DRIVE, OPTIMISM and PASSION making it possible to do whatever is necessary in the business including STEPPING OUTSIDE THE COMFORT ZONE.
SUCCESSFUL ENTREPRENEURS don't FEAR FAILURE; importantly, many have experienced FAILURE and SET-BACKS. They view SETBACKS as part of the learning process and part of the process to achieving business success. Importantly, they learn from each experience and they never repeat the mistakes. Each one is very resilient and they don't linger on the setbacks. They shrug off the setback and get moving forward again, quickly.
The big consequence of all this is that SUCCESSFUL PEOPLE make QUICK and SMART DECISIONS, eliminating PROCRASTINATION.
SMART BUSINESS ACTIONS are then the result creating good outcomes which drive their businesses forward, ultimately generate great profits.
The TOP 10% most successful business entrepreneurs have many of the above and if YOU can replicate these qualities, then YOU should be SUCCESSFUL, too.
And, that will help YOU achieve PART 2.
PART 2 is YOUR BUSINESS and your BUSINESS STRATEGY.
Having the right BUSINESS MIND allows the most successful in business to set and execute the BEST BUSINESS STRATEGY and the BEST BUSINESS PLAN for their businesses. In my view, LASER FOCUS derived from having the RIGHT BUSINESS MIND becomes highly effective in the key areas of the business:-
The most successful ENTREPRENEURS in business UNDERSTAND FULLY their TARGET CUSTOMERS, their COMPETITORS and their TRADING MARKET. This allows them to provide the RIGHT PRODUCTS and the RIGHT CUSTOMER SERVICE and to deliver the right benefits for a HUGE ARMY OF LOYAL CUSTOMERS and to ultimately create EXCELLENT CUSTOMER EXPERIENCES.
The most successful are also continually creating MARKETING that builds a STRONG BRAND and delivers more CUSTOMERS and more SALES. They also FOCUS heavily on employing the RIGHT STAFF and training and treating them RIGHT and on creating STRONG SYSTEMS to run their businesses effectively and efficiently.
Importantly, they also FOCUS heavily on the the MONEY within their businesses and FOCUS on generating PROFIT and keeping their businesses CASH RICH.
All of this is possible because of a STRONG BUSINESS MIND, i.e. PART 1.
PART 2 is possible because of PART 1.
So for YOU to become one of the MOST SUCCESSFUL in business, YOU need first a STRONG BUSINESS MIND and that will allow YOU to RUN your business much better.
The most successful in business do this and YOU can do the same - YOU just need to decide that YOU will do it.
It could be much easier than YOU THINK to become a member of the '10% Club'.
This website is full of useful business articles and features to show YOU how to BECOME A MEMBER OF THE ‘10% CLUB’, so if you are serious about your future, then please take the time to explore it.
To start, YOU should read the following articles that link into this article:
If you wish to talk to me more about this, then please contact me: Robert@prestigebusinesscoaching.co.uk or leave a comment below:-
In previous articles, I described how to acquire a STRONG POSITIVE BUSINESS MIND, MINDSET and a STRONG POSITIVE ATTITUDE and I described how to use the POWER OF THOUGHT and SMART BUSINESS THINKING to make your thinking more creative.
A strong business mind and smart business thinking jointly will combine to make your ACTIONS within your business become MUCH BETTER.
This is why the top 10% most successful entrepreneurs achieve far greater BUSINESS SUCCESS than the other 90%.
They have SMART BUSINESS ACTIONS.
These SMART BUSINESS ACTIONS then deliver results that add CUSTOMER NUMBERS, SALES and PROFITS etc. over time to their businesses thus creating huge BUSINESS SUCCESS.
But because the top 10% entrepreneurs have spent QUALITY TIME on QUALITY SMART BUSINESS THINKING, most, if not all, of their ACTIONS are RIGHT for their businesses and their actions deliver the RIGHT RESULTS for their businesses.
They have become one of the most successful entrepreneurs by changing their actions.
The SMART BUSINESS THINKING of the top 10% entrepreneurs is CREATIVE and INNOVATIVE which means that their SMART BUSINESS ACTIONS are also CREATIVE and INNOVATIVE, too.
Their SMART BUSINESS ACTIONS will always be focused on their CUSTOMER with the aim of continually creating ways to build and maintain an army of loyal and happy customers, who always want to buy their products, keeping them ahead of the competition.
The top 10% of the most successful entrepreneurs make DECISIONS very quickly and they always attach GOALS to each DECISION and create a STRATEGY for implementation. By doing so, each DECISION is EXECUTED QUICKLY and in the RIGHT WAY.
Once the top 10% entrepreneurs make a DECISION, it is implemented - they work with URGENCY and don’t DELAY or PROCRASTINATE as they know DELAY is MONEY.
The top 10% entrepreneurs always MONITOR and MEASURE PROGRESS with all their SMART BUSINESS ACTIONS. If things are not progressing RIGHT in accordance with their STRATEGY, they are never afraid or slow to change or modify the strategy.
The top 10% are always MORE ORGANIZED in their lives and their businesses and this leads to greater EFFICIENCY & EFFECTIVENESS. This means that they can achieve MUCH MORE with less effort and in less time than one of the 90%.
As a result of being more ORGANIZED and more EFFICIENT, generally the top 10% of the most successful entrepreneurs are less STRESSED and are more HAPPY; and this is important - STRESS and UNHAPPINESS can affect your health significantly. Also HAPPY businesses always trade better and if the boss is happy, then so should the rest of the business be happy, too!
The top 10% most successful entrepreneurs always create clear and precise STRATEGIES for the major parts of their businesses:-
For each STRATEGY, OBJECTIVES will be set as part of their business plan and these will be achieved by the setting and achieving of several GOALS.
The Top 10% most successful entrepreneurs always RESEARCH everything within their businesses and this leads to a SUPREME UNDERSTANDING of their businesses. Then, through SMART BUSINESS THINKING and SMART PLANNING and the setting of SMART STRATEGIES, they are able to execute SMART BUSINESS ACTIONS.
I call this RUTPA, an acronym for:-
RUTPA is a big part of every successful entrepreneurs arsenal and a big contributor to their BUSINESS SUCCESS and YOU should do the same.
This is a rough snap-shot into how effective SMART BUSINESS ACTIONS can be for driving BUSINESS SUCCESS.
But, it is important to realize that ACTIONS will only be SMART as a result of having acquired a STRONG POSITIVE BUSINESS MIND and a STRONG POSITIVE ATTITUDE and from using the POWER OF THOUGHT and SMART BUSINESS THINKING.
Generally the stronger your BUSINESS MIND and the better your SMART BUSINESS THINKING and the more time that you can devote to it, the better your SMART BUSINESS ACTIONS will be, the the better your business will trade and the greater your business success will be.
Have a STRONG BUSINESS MIND, SMART BUSINESS THINKING and SMART BUSINESS ACTIONS and YOU should over time be able to boost your BUSINESS SUCCESS and enter the '10% CLUB' - the 10% of most successful entrepreneurs.
In short, you should become one of the most successful entrepreneurs.
There is plenty more on this site regarding SMART BUSINESS ACTIONS.
If you wish to discuss this article further with me, please email me at Robert@prestigebusinesscoaching.co.uk or contact me here:
You must have full CONTROL of your business for success.
The very best in business and the most successful in business always have TOTAL and FULL CONTROL over every part and every aspect of their business.
And, that CONTROL allows them to be VERY SUCCESSFUL.
Only 10% of businesses are successful and make it into what I call the '10% CLUB' - if YOU are to make it into the ‘10% CLUB’ - you need to replicate the ways that they achieve success.
FULL CONTROL OF YOUR BUSINESS FOR SUCCESS is one aspect to look at.
But many entrepreneurs running small and medium sized businesses struggle to achieve TOTAL and ABSOLUTE CONTROL.
Many entrepreneurs start because they have a PASSION for a particular product and, this is where their FOCUS lies.
They develop great PRODUCTS but often their FULL FOCUS stops there.
They seem to forget that a business comprises MANY PARTS and the PRODUCTS are just ONE of those PARTS. They forget that the other PARTS must RUN very efficiently to support the SALE of those PRODUCTS.
They have LESS FOCUS on these other PARTS, often, because they don’t find these PARTS so interesting or these parts of their business take them outside their COMFORT ZONES.
For business success. you cannot 'cherry-pick' what you do and don't do.
One BIG PART that often receives LESS FOCUS is the BACK OFFICE and the necessary PAPERWORK that is associated with it.
This is something that many people seem to struggle with - they simply don’t enjoy it and they would rather put their efforts into the PARTS that they enjoy.
Each small and medium sized business can be divided generally into the following SEVEN GENERAL PARTS:-
Every business has ALL of the above, unless YOU have NO EMPLOYEES.
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.
As a business owner, YOU must THINK that YOU must put equal FOCUS into each PART of your business and YOU must make sure that each PART is run as well as YOU can possibly RUN it.
When YOU achieve that, YOU will have FULL CONTROL of your business.
YOU must THINK that FULL CONTROL is needed for the SUCCESS of your business and YOU will only achieve FULL CONTROL by CONTROLLING EACH PART of your business, NOT just some of the parts.
BY CONTROLLING EACH PART, YOU ACHIEVE TOTAL CONTROL.
The place to start with attaining FULL CONTROL is to THINK about the SEVEN PARTS of your business and analyze EACH PART and estimate how well each part is RUN.
YOU should be very critical of EACH PART and see where your STRENGTHS and WEAKNESSES are and YOU must correct the WEAKNESSES of each PART.
When YOU have ALL SEVEN PARTS RUNNING to their BEST, then YOU will have FULL CONTROL and, once this is in place, YOU must make sure that YOU retain this CONTROL.
Poor CONTROL of your business can lead to FAILURE in the most severe of cases, so ACT now, before it becomes too serious and too late.
Do it now, today - start to think about your 7 business parts and take back CONTROL OF YOUR BUSINESS.
If you wish to discuss this article with me more fully, please email me at Robert@prestigebusinesscoaching.co.uk or leave a comment below.
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.
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.
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.
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.
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.
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.
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.
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.
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.
If you would like further advice on this, please contact me: email@example.com
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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!
You can enhance your thinking by thinking as the most successful in business think.
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.
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.
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.
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:-
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.
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:-
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.
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.
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.
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.
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.
If you wish to discuss this with me more fully, please email me at Robert@prestigebusinesscoaching.co.uk or please contact me below:
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