Love or hate him, Donald Trump is now the 45th President of the USA.
His campaign was very controversial, but when I analyze it, I see why he won and I have identified two very powerful aspects that brought him success:-
1. Attitude & Mindset
Put together, I think both collectively were the two main reasons why he won the race and business owners can learn from both.
For the first aspect, Donald Trump demonstrated a massively strong positive attitude and mindset that made him really bullish. The backbone to his mindset was his intense belief in what he was doing and he not only believed he would win but he expected victory too.
From this, massive determination, persistence, passion and optimism were all created and these were his big drivers to keep him going. Frequently, he incurred setbacks and, a number of times, pundits wrote him off, but he kept bouncing back, demonstrating grit and resilience to keep going.
If you are to be successful in business, you need the same attitude and mindset; and the stronger and the more positive your attitude, the more successful you can be. You need belief in your ability and your eventual success and you need determination, persistence, passion and optimism to drive you forward. Also importantly, on the road to success, there will be setbacks and resilience and the ability to bounce back quickly is paramount to keep going.
For the second aspect, I think Donald Trump demonstrated a master class in marketing. He knew exactly the group of people that he was targeting and what they thought and what they wanted.
This group were the workers of America, as he kept calling them, and he knew how much they wanted change and how worried they were about jobs; as one CNBC commentator said a week for the election and I quote “This election is all about Jobs, Jobs and Jobs”
Trump knew how worried people were – worried about how many jobs had gone abroad, worried about how many jobs had been taken by immigrants and worried about how many jobs had been lost by industries closing. He also knew wages were depressed and morale was low and detected their anger about being ‘forgotten’.
He understood how they felt and what they were thinking and he told them that he understood this; he told them what they wanted to hear, but he went further – he told them what he would deliver for them and he told them what the benefits would be, if he was elected – namely, “action on jobs”
Donald Trump is a businessman and he used marketing to get to the White House. Marketing is about communicating the right message to the right people and he executed this perfectly.
Business owners must do the same if they want their marketing to work – they must know who their target customers are and they must comprehensively understand everything about them and, very importantly, understand what they want to hear and what benefits they want.
Many marketers do not have a good enough knowledge and understanding of their targets and they don’t focus enough on the benefits that customers can derive from their products or services; many businesses market the products rather than the benefit.
Only an intense knowledge and understanding of your targets and a good understanding of the benefits your targets need and communicating this in the right way will drive effective marketing.
Think about your attitude and your mindset and think about your marketing and think how you can ‘trump’ your business!
Article Written By Robert Viney – successful entrepreneur for 30 years and business coach for 15 years
If you wish to continue this conversation, please leave a comment below or leave me a message on firstname.lastname@example.org
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:-
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
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 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.
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
BECOME ONE OF THE 10% MOST SUCCESSFUL BUSINESSES & ACHIEVE HUGE BUSINESS SUCCESS
BECOME A MEMBER OF THE ‘10% CLUB’ – THE 10% MOST SUCCESSFUL BUSINESS ENTREPRENEURS
90% of businesses just drift along, languishing in mediocrity in terms of profits and performance & never really achieve real business success. The other 10% make BIG PROFITS and are MASSIVELY SUCCESSFUL.
But often the owners of those 90% of businesses cannot see how they can elevate themselves and their businesses to do better. Many of these entrepreneurs do not realize, however, that the switch to become a member of the ‘10% CLUB’ of the 10% most successful businesses is much easier than they think.
What Is A Successful Business?
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:-
sales and net profits should be growing by at least 20% per annum, year on year
sales should exceed £100,000 per annum in year 2 after startup & £0.5 million – £1 million + per annum after 10 years
net profit should exceed 20% of sales
business has strong 6 digit cash-rich balance sheet after 5 years of trading
business owners have full control over the business
business runs efficiently with low wastage
business has a strong team of happy & effective employees
business owners are happy and are not stressed
business provides a good living for owners & a retains a good profit after owners’ drawings
owners run their business & business does not run the owners
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 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:-
PART 1 IS YOU & YOUR ATTITUDE
PART 2 IS YOUR BUSINESS STRATEGY
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 poor, 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. Generally, the stronger and more positive your attitude and having a mindset that will take YOU outside your comfort zone will create better outcomes to your actions.
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:-
BURNING DESIRE FOR BUSINESS SUCCESS
HUGE BELIEF IN THEIR BUSINESS SUCCESS
GREAT EXPECTATION OF THEIR BUSINESS SUCCESS
BIG BELIEF IN THEIR BUSINESS ABILITY
STRONG POSITIVE ATTITUDE
GREAT DETERMINATION, DRIVE & PERSISTENCE
SETTING OF GOALS
SMART BUSINESS THINKING
GOOD DECISION MAKING
SMART BUSINESS ACTIONS
ABILITY TO STEP OUTSIDE THEIR COMFORT ZONE
NO FEAR OF FAILURE
ABILITY TO LEARN FROM THEIR MISTAKES
ABILITY TO REBOUND QUICKLY FROM SET-BACKS
The most successful business entrepreneurs all have the same or similar MINDSET that allows all of the above and 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 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 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 result within their businesses that drive their businesses forward and generate great profits.
The TOP 10% most successful business entrepreneurs have all of the above and if YOU can replicate them, then YOU should be SUCCESSFUL, too.
And, that will help YOU achieve PART 2.
PART 2 is 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:-
UNDERSTANDING THE TARGET CUSTOMERS & THE TRADING MARKET
BUILDING AN ARMY OF LOYAL CUSTOMERS
CREATING THE RIGHT PRODUCTS
CREATING A STRONG BRAND
DELIVERING THE RIGHT CUSTOMER SERVICE
CREATING THE ULTIMATE CUSTOMER EXPERIENCE
HAVING HIGHLY EFFECTIVE MARKETING
DRIVING HIGH SALES & HIGH PROFITS
EMPLOYING & TRAINING THE RIGHT STAFF
CREATING EFFICIENT BUSINESS SYSTEMS
RUNNING THE BUSINESS EFFECTIVELY & EFFICIENTLY
CREATING A MONEY RICH BUSINESS
HAVING FULL CONTROL 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 that deliver the right benefits for a HUGE ARMY OF LOYAL CUSTOMERS and create superb CUSTOMER EXPERIENCES.
The most successful are also continually creating MARKETING that creates 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 and for YOU to have huge BUSINESS SUCCESS, 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.
This website is full of useful business articles and features to show YOU how to BECOME A MEMBER OF THE ‘10% CLUB’, so for your future, please take the time and explore it.
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.
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:-
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.
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.
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.
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.
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.
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.
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.
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.
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It is very possible to DOUBLE YOUR PROFITS by making SMALL changes to your REVENUE SALES, MARGINS and COSTS.
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%)
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%)
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. 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 COSTS every 3 months to see where SAVINGS and EFFICIENCIES can be made – most businesses don’t do this EVER!! But, in my experience, any business could easily make 10% savings and probably more in their businesses.
Hopefully, this has convinced YOU that this possible.
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.
You must have full CONTROL of your business, if your business is to be a success and if YOU are to make it into the ‘10% CLUB’
But many small and medium sized businesses struggle to achieve TOTAL and ABSOLUTE CONTROL.
Many businesses start because they have a PASSION for a particular product. And, this is where their FOCUS lies.
Many People Have Full Focus On The Parts That Interest Them Most
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 and the other PARTS must RUN very efficiently to support the SALE of those PRODUCTS.
They Have Less Focus On Other Parts
They have LESS FOCUS on these other PARTS, often, because they don’t find these PARTS so interesting.
Often The Back Office Receives Less Focus
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 the efforts into the PARTS that they enjoy.
Each Business Can Be Divided Into 7 Parts
Each small and medium sized business can be divided into the following SEVEN GENERAL PARTS:-
MARKETING, BRANDING & SELLING
BUSINESS RUNNING & BACK OFFICE
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 Put Full Focus Into Each Part
As a business owner, YOU must THINK that YOU must put equal FOCUS into each PART and YOU must make sure that each PART is run as well as YOU can possibly RUN it.
Run Each Part Of Business Well For Full Control
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 them.
BY CONTROLLING EACH PART, YOU ACHIEVE TOTAL CONTROL.
Think To Divide Your Business Into 7 Parts
The place to start with attaining FULL CONTROL is to THINK about the SEVEN PARTS of your business and analyze EACH PART and how well each is RUN.
YOU should be very critical of EACH PART and see where your STRENGTHS and WEAKNESSES are. YOU must correct the WEAKNESSES of each PART.
You Must Have All Seven Parts Running To Their Best
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 Can Lead To Failure
Poor CONTROL can lead to FAILURE in the most severe of cases, so ACT now, before it becomes too serious.
YOU MUST HAVE FULL CONTROL OF YOUR BUSINESS
YOU MUST HAVE SMART BUSINESS THINKING ABOUT THE CONTROL OF YOUR BUSINESS.
SMART BUSINESS THINKING MUST COME INTO EVERYTHING THAT YOU DO IN YOUR BUSINESS
HAVE SMART BUSINESS THINKING & SMART BUSINESS ACTIONS
It is May 2015 and I am having lunch in a nice fish restaurant on the harbourside in Torquay with Alessandra Ruocco. ‘Sasse’, as she is known to her friends and associates, is telling me about her vision, strategy and thoughts for her business Devon Cair Ltd.
As I listen, I cannot help thinking how far this clever, smart lady had come on her business journey and how she had become the strong, mature, confident and competent business lady that I viewed across the restaurant table. Sasse is now one of the 10% most successful business people in the UK., who I talk about much on www.robertviney.com.
But the journey had been hard and long.
Devon Cair Ltd Is A Leader In Its Market
Devon Cair Ltd is the leading supplier of high quality care to the disabled and elderly in their own homes in Torbay, Devon. The success of the business is testament to Sasse and her determination and drive, but it was not always that way.
But It Was Not Always That Way
In 2009, Sasse invited me to help her rescue the business after her business partner had walked out leaving her ‘high and dry’ – her ex partner had founded and started Devon Cair Ltd but, following a catalogue of bad business decisions, had brought the fledgling business to the edge of financial collapse; the business was losing money heavily and it urgently needed saving.
There Were Two Big Mistakes
Two BIG mistakes were made initially:-
Grow The Business Too Quickly
Trade In Too Large A Geographical Area
These were deliberate strategies, but they both created huge operating costs, particularly employment costs that were just not sustainable.
I very quickly identified the problems and suggested a strategy for turning the business around and Sasse wasted no time in implementing the plan.
Her quick and decisive implementation of the plan was key to the success of what we did – every day delayed was more money wasted and the outflow of money had to be stemmed quickly.
There Were Three Main Recommendations
The main recommendations were as follows:-
To reduce and consolidate the trading area to just serve clients in Torbay only, shrinking the trading area to just 5 miles from the company’s office from 15 miles previously
To make drastic changes to staff rotas and to reduce the employee working hours so that the employment costs were directly related the revenue generated.
To slow down the rate of growth for the business
Initially the number of clients and revenue were both reduced, but the costs attributed to serving the clients were reduced by a far greater amount, thus increasing the gross profit margin significantly.
A Profit Was Achieved After Just 5 Months
Within five months, the initial changes were complete and the business moved from a high loss into a good sustainable profit. From this position, Sasse then moved to consolidate the business and the net profit, further, and to gain growth by acquiring new clients within her new Torbay only trading area
Sasse Has Resisted Extending Her Trading Area
Since then, some seven years later, Sasse has resisted the temptation to extend her trading area beyond Torbay but, instead, to consolidate and establish her company’s position as the premier provider of home care in Torbay.
The business now boasts an army of very happy and loyal clients and an army of equally happy employees serving these clients. The business is very sound financially and is now a great success.
Sasse Needs Little Marketing
One big indicator of her success is the amount of effort she puts into marketing her business – in short, she devotes very little of her recourses to marketing.
The quality of her service is so great, that reputation and ‘word of mouth’ constantly create new clients for Devon Cair Ltd.. Competitors are continually seen spending large sums on advertising and that illustrates the large gulf between her and the rest. Devon Cair Ltd do not have to advertise and so do not have this cost and, obviously, this elevates her margin.
Businesses That Create Word Of Mouth Always Do Better
Businesses that can create ‘word of mouth’ and harness it to grow, always do much better.
Historically, ‘word of mouth’ has been a major contributor to the success of my own businesses and I coach businesses to set this as a definite strategy for growing a business.
Such A Strategy Creates a Superb Product & Customer Satisfaction
Sasse has achieved ‘word of mouth’ by creating superb care for her customers and a high degree of customer satisfaction.
A combination of a superb product and a high degree of customer satisfaction will always achieve ‘word of mouth’ and, through that, growth.
Businesses Think That They Can Grow By Extended Their Geographical Boundaries
So many businesses think that they have to extend their geographical boundaries in order to secure new customers in order to grow their revenues and this invariably leads to financial weakness and failure.
The smart way, often, is to do as Sasse has done and to restrict the trading area, but to totally focus efforts on securing a high number of clients within that trading area, exclusively.
Such a strategy minimises the cost of gaining and serving new customers and Sasse proves that this can be a very successful strategy.
What We Achieved Was Spectacular
When Sasse and I started working together, the problems within the business were immense and it is was an awesome achievement to turn the business around in such a short period of time – many businesses can literally take years to turn around.
Our achievement was immense and is something that is very rare in business.
Business Coaching Can Be Hugely Successful When The Advice Is Fully Used
But this is only possible, when the advice of a good business coach with a wealth of experience and knowledge is incorporated fully by a business owner. Sasse never questioned my suggestions and she implemented them fully without hesitation, delay or procrastination.
I am sure there were times when she did not quite understand parts of the plan, but she trusted me. I am also equally sure that once the results of the changes were evident, her understanding grew and became complete.
Sasse Is My Greatest Success
Sasse is my greatest business coaching success because she implemented everything that I suggested and, as a result, she was a ‘dream’ to coach.
When I coach others, less success has been possible because business owners question my suggestions and ‘cherry pick’ my recommendations – the result is always not so good.
I now avoid coaching any business owner who refuses to take all my recommendations.
It Was Not Just Strategy
It was not just strategy that I showed Sasse – I also worked to strengthen her attitude and her business mind. When questioned, the most successful 10% in business say that a strong positive attitude and an open mindset is more important than strategy in the attainment of their success.
Sasse already had a good positive attitude but I created a belief in her mind that she could make the changes and create success out of a bad situation.
So many business coaches ignore the importance of a strong business mind and mindset when coaching their clients.
I Showed Sasse To Think Differently & More Smartly
I also showed Sasse how to think differently and more smartly about her business – by doing so, it ensured that all her business decisions and actions were also smart but, importantly, it ensured that all her decisions and actions were right for her business, too.
One example was to ‘think money’ – I said that she should ‘think money’ in every decision. Sasse typically embraced this fully and even wrote ‘think money’ in very big letters on her office files to remind her constantly.
You Can Emulate Sasse & Her Success
You can emulate Sasse and her success, too, but you have to be prepared to work with a successful business coach and to do everything that the business coach recommends without delay, procrastination or cherry picking.
And, I mean EVERYTHING!
Business failure is currently running at more than 50%, but the above scenario can achieve 100% success, which must be something that every business owner must want.
The 10% Club
Alessandra Ruocco is a member of the ‘10% CLUB’ – the club that includes the most successful business people in the U.K..
You can be the same, if you copy what she did.
Alessandra Ruocco Is Managing Director Of Devon Cair Ltd.
Alessandra Ruocco is Managing Director of Devon Cair Ltd, Paignton Devon and is a member of the ‘10% CLUB’.
Find out more about her business at www.devoncair.com
If You Wish To Discuss This More Fully With Me, Please Contact Me
Having acquired a STRONG POSITIVE BUSINESS MIND and a STRONG POSITIVE ATTITUDE and from using the POWER OF THOUGHT and SMART BUSINESS THINKING, the ACTIONS within a business become MUCH BETTER.
This is why the top 10% achieve far greater SUCCESS than the 90%.
They have SMART BUSINESS ACTIONS.
These ACTIONS then deliver results that add CUSTOMER NUMBERS, SALES and PROFITS etc. over time to their businesses. But because the top 10% 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.
The Smart Business Actions Are Innovative & Creative
The SMART BUSINESS THINKING of the top 10% is CREATIVE and INNOVATIVE which means that their SMART BUSINESS ACTIONS are also CREATIVE and INNOVATIVE, too.
Their SMART BUSINESS ACTIONS are then always creating ways to build and maintain an army of loyal and happy customers, that their products are always in great demand and that they always keep ahead of the competition, amongst other things.
The Top 10% Make Decisions
The top 10% make DECISIONS very quickly and they always attach goals to each DECISION and create a STRATEGY for implementation. By doing so, each DECISION is ACTIONED QUICKLY and in the RIGHT WAY.
The Top 10% Are Achievers & Don’t Procrastinate
Once the top 10% 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% Always Measure Progress
The top 10% 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
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%.
The Top 10% Are Usually Less Stressed And More Happy
As a result of being more ORGANIZED and more EFFICIENT, generally the top 10% 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!
This Is A Rough Snapshot
This is a rough snap-shot into how effective SMART BUSINESS ACTIONS can be. But, it is important to realize that they will only be primarily 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 better your business will trade and the greater your success will be.
There is plenty more on this site regarding SMART BUSINESS ACTIONS.
HAVE SMART BUSINESS THINKING & SMART BUSINESS ACTIONS.
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 customers numbers, sales and profits and generally driving their businesses forward. Such 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 a business. This is what the majority of the 90% experience.
When I visit such businesses, I constantly hear “I have not got time…” These businesses would have time, if they were better organised, more efficient and better disciplined. The top 10% are supremely well organized and disciplined that they can find this ‘THINKING TIME’ and, because of this, their businesses are constantly being driven forward.
But the THINKING for the top 10% is also DIFFERENT in several ways.
Fundamental to all their THINKING, they have the POWER OF THOUGHT – this is the ENGINE that drives the THINKING PROCESS. Napoloen Hill in his best selling 1939 book ‘THINK & GROW RICH’ says that “YOU BECOME WHAT YOU THINK ABOUT”
What he says is right and many people have done just what he has described – they have decided they will become ‘RICH’ and through THINKING have achieved it.
The process is called PROGRAMMING THE MIND and I described briefly how it works in my article ‘Create A Strong Positive Business Mind & Mental Attitude’, if you have not read it, I strongly suggest you do.
Once you have PROGRAMMED YOUR MIND to think that you will become RICH, your THINKING will change and you will start to THINK DIFFERENTLY in the way that the top 10% THINK.
In particular, the THINKING of the top 10% is different in TWO WAYS:-
HOW THEY THINK
WHAT THEY THINK
In short, their THINKING is VERY CREATIVE, VERY ANALYTICAL and VERY INNOVATIVE and they THINK ‘OUTSIDE THE BOX’ – they will dissect everything within their businesses and analyse everything in the greatest of detail.
Let me give you some examples of where their THINKING is different to the 90%.
Their THINKING about customers is very different – 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, through that knowledge, they understand exactly what their customers want and need from their business and match exactly their products to those wants and needs.
They 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 and service and optimize the sales.
They also think about creating an army of loyal customers who keep returning to buy more and more, repeatedly.
This THINKING creates a heavy FOCUS on the TARGET CUSTOMER and makes sure that everything that customer receives from their business is exactly RIGHT and of the HIGHEST QUALITY. This includes the products, the customer service and the customer communications.
They also think differently about the MARKETING. They set out to create 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.
They are constantly thinking about their BUSINESS NUMBERS and they don’t leave it the accountant to tell them – they KNOW and UNDERSTAND all their NUMBERS and they spend time analysing everything. When the numbers change, such as sales or margins, they detect these changes immediately and take action, before problems set in.
These are just a few examples of how SMART BUSINESS THINKING is used in the businesses of the top 10%.
Smart Business Thinking Starts With The Power Of Thought
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, ANALYTICAL and 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.
There is much more on this site about SMART BUSINESS THINKING.
HAVE SMART BUSINESS THINKING & SMART BUSINESS ACTIONS