YOU MUST KNOW HOW TO RUN YOUR BUSINESS

YOU MUST RUN YOUR BUSINESS RIGHT

YOU MUST KNOW HOW TO RUN YOUR BUSINESS

If your business is to be a success and YOU are to become one of the ‘10% CLUB’, YOU must KNOW how to run your business RIGHT.

It constantly amazes me that many small and medium sized businesses have such a poor knowledge of how to RUN their businesses RIGHT and such businesses ALWAYS perform POORLY.

Always!

Often a poor performance can be converted into a massive SUCCESS by simply UNDERSTANDING how to run a business MUCH BETTER.

It is often as simple as that!

Each Business Can Be Divided Into 7 Parts

Each small and medium sized business can be divided into the following SEVEN GENERAL PARTS:-

  1. CUSTOMERS
  2. PRODUCTS
  3. MONEY
  4. MARKETING, BRANDING & SELLING
  5. CUSTOMER SERVICE
  6. BUSINESS RUNNING & BACK OFFICE
  7. EMPLOYMENT

Every business has ALL of the above, unless YOU have NO EMPLOYEES.

Every Part Of Your Business Has Equal Importance

Every PART is as important as the other PARTS within the business. If YOU are to OPTIMIZE your BUSINESS SUCCESS and your BUSINESS PROFIT every PART must be RUN to its BEST.

If ONE PART is run LESS WELL, then this will affect the WHOLE BUSINESS.

You Must Know How To Run Each Part To Optimize Your Business

If YOU want your business to run to its OPTIMUM, YOU must UNDERSTAND how to RUN EACH PART OF YOUR BUSINESS.

Let me ask YOU these 22 questions:-

  1. Do you REALLY understand your target customers and what they REALLY want to buy from you and what they want to pay YOU?
  2. Do your REALLY understand the products that your target customers need and are your products RIGHT for your customers?
  3. Are the sales of your products increasing, year on year, and do you REALLY understand how to keep your sales growing?
  4. Do you REALLY have REAL control of the money in your business?
  5. Do you REALLY know how to control the margin in your business and understand how to keep it optimized?
  6. Do you REALLY have absolute control of your costs and know how to keep these minimized?
  7. Do you REALLY understand how to control your cash-flow and keep your business cash rich?
  8. Do REALLY understand how to effectively reach your target customers with your marketing?
  9. Is your marketing REALLY effective and are you REALLY reaching your target customers with it and is it working?
  10. Are you REALLY getting a real return on your marketing expenditure and REALLY seeing real growth in your sales as a direct result of your marketing?
  11. Are you REALLY successfully building a STRONG brand that is recognized by your target customers?
  12. Do you REALLY understand your COMPETITORS and what they are doing & do you REALLY know how to compete within them in your trading market REALLY EFFECTIVELY?
  13. Is your customer service REALLY superb?
  14. Is your customer experience REALLY superb?
  15. Are your customers REALLY happy and do they return to buy more from you, time and time again?
  16. Do you REALLY have an army of loyal customers and do these customers spread ‘word of mouth’ about your business?
  17. Is your back office running REALLY effective?
  18. Do you REALLY have fantastic systems in place to control all parts of your business?
  19. Are you REALLY using digital technology to the full & optimizing its effects?
  20. Do you REALLY know how to employ the best employees for your business?
  21. Do you REALLY know how to train your employees really well and do you REALLY know how to manage them right?
  22. Are your employees REALLY a real asset to your business & are they REALLY making a real contribution to your business as a whole?

I could have asked YOU many more questions, but these 22 are arguably the most important questions to ask anyone running a business.

You Must Answer These Questions Honestly

Try answering these questions REALLY honestly. If YOU can honestly answer a BIG ‘YES’ to each one, then YOU KNOW HOW TO RUN YOUR BUSINESS RIGHT.

But if one or more questions get a ‘NO’, then YOU must address the aspect raised in that question and turn it into a BIG ‘YES’

It is important that every PART of your business must RUN RIGHT.

You Need Smart Business Thinking

YOU need SMART BUSINESS THINKING about the RUNNING of your business, if YOU are to be one of the ‘10% CLUB’

SMART BUSINESS THINKING MUST COME INTO EVERYTHING THAT YOU DO IN YOUR BUSINESS

HAVE SMART BUSINESS THINKING & SMART BUSINESS ACTIONS

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

 

 

YOU MUST HAVE FULL CONTROL OF YOUR BUSINESS

YOU MUST CONTROL YOUR BUSINESS

YOU MUST HAVE FULL CONTROL OF YOUR BUSINESS

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:-

  1. CUSTOMERS
  2. PRODUCTS
  3. MONEY
  4. MARKETING, BRANDING & SELLING
  5. CUSTOMER SERVICE
  6. BUSINESS RUNNING & BACK OFFICE
  7. EMPLOYMENT

Every business has ALL of the above, unless YOU have NO EMPLOYEES.

Every Part Of Your Business Has Equal Importance

Every PART is as important as the other PARTS within the business. If YOU are to OPTIMIZE your BUSINESS SUCCESS and your BUSINESS PROFIT every PART must be RUN to its BEST.

If ONE PART is run LESS WELL, then this will affect the WHOLE BUSINESS.

You Must 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 BUSINESSYOU 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

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

Alessandra Ruocco ~ My Greatest Coaching Success

Alessandra Ruocco of Devon Cair Ltd

My Greatest Success ~ Coaching Alessandra Ruocco

Large Losses To Good Profit in Just 5 Months

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.

Alessandra Ruocco of Devon Cair Ltd

There Were Two Big Mistakes

Two BIG mistakes were made initially:-

  1. Grow The Business Too Quickly
  2. 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:-

  1. 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
  2. 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.
  3. 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

Logo for Devoncair LtdSasse 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.

Alessandra Ruocco of Devooncair LtdSasse 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.

Devon Cair LtdYou 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

10% CLUB - THE MOST SUCCESSFUL PEOPLE IN BUSINESS

 

 

 

 

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 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

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

Or please leave me a comment below.

REMEMBER –  SMART BUSINESS THINKING AND SMART BUSINESS COACHING

Use Customer Service To Gain Sales

Use Customer Service To Gain Sales

What is your CUSTOMER SERVICE like?

Do your customers rave about your CUSTOMER SERVICE?

Or do your customers say your CUSTOMER SERVICE leaves much to be desired?

Surveys consistently show that consumers rate CUSTOMER SERVICE as highly as the products they buy. Customers will even avoid buying good products if the CUSTOMER SERVICE is poor.

MANY BUSINESSES DO NOT SEE IMPORTANCE OF CUSTOMER SERVICE

But so many business owners in the UK do not recognize how highly customers rate CUSTOMER SERVICE –  and when they have this attitude, they are literally throwing sales away and losing customers.

Poor CUSTOMER SERVICE is evident everywhere, but as a business owner, you can literally ‘cash in’ on this –  have BETTER CUSTOMER SERVICE than your COMPETITORS and YOU should take their CUSTOMERS and GAIN SALES.

MAKE YOUR CUSTOMER SERVICE SUPERB

In fact, make your CUSTOMER SERVICE as good as it is possible to make it –  make your CUSTOMER SERVICE SUPERB!!

Take a long hard look at it, pull it apart and analyse in detail the CUSTOMER SERVICE that you offer and ask yourself TWO BIG QUESTIONS:-

  1. “HOW CAN I MAKE MY CUSTOMER SERVICE SUPERB?”
  2. “WHAT WOULD I WANT FROM MY COMPANY AS A CUSTOMER?”

BUSINESSES THAT OFFER SUPERB CUSTOMER ALWAYS DO WELL

Businesses that go the ‘extra mile’ and offer SUPERB CUSTOMER SERVICE always do much better than their competitors –  always.

YOU must do the same.

SET YOURSELF THE OBJECTIVE

So, set yourself the OBJECTIVE to make your CUSTOMER SERVICE SUPERB and do it NOW!!

Have a GOOD THINK about your CUSTOMER SERVICE, ANALYZE IT, PULL IT APART and see how YOU CAN MAKE IT SUPERB.

THINK DIFFERENTLY ABOUT YOUR CUSTOMER SERVICE.

THINK SMART, ACT SMART!

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

Or leave a comment a below:-

Use Your Strengths & Make A Difference

Use Your Strengths & Make A Difference.

If you wish to start your own business, but are struggling for an idea, you should stand back and look at yourself and ask yourself SIX questions:-

  1. What strengths do I have?
  2. What talents do I have?
  3. What experience do I have?
  4. What knowledge do I have?
  5. What interests do I have?
  6. Would my strengths, talents, experience, knowledge and interests be of benefits to others?

One business idea could be to wrap up your strengths, talents, experience, knowledge and interests into a product that could bring great benefit to others, especially if you could sell enough of that product to make a good profit.

We all have strengths, talents, experience and knowledge specific to ourselves and the chances are that these can be converted into a product that could be sold to customers to create a viable business. If these strengths, talents, experience and knowledge are supported by a great personal interest, too, this could be a great driver to create a business success.

You may have a hobby as an interest and think that you could convert that into a business –  for someone who is good at flower-arranging, for instance, a business supplying floral arrangements would be a good idea. If you are good at making cakes, a business supplying wedding cakes etc. may be viable.

You might be good at gardening, in which case a business helping others with their gardens could be viable or you might like writing, then you could consider writing and publishing a book.

You should think that the most successful businesses are the ones that give the most benefits to people in the form of their products. Think how your strengths, talents, experience, knowledge and interests could be converted into a product that would give great benefit to a large number of people.

THINK SMART, ACT SMART

If you would like to discuss any business ideas that you may have with me, please email at Robert@www.prestigebusinesscoaching.co.uk  –  I would be pleased to help you.

Otherwise, please leave a comment below and get involved in the conversation.

How Good Are Your Profits

How Healthy Are Your Profits?

How healthy is your business? Are your sales rising? Are your margins good? Do you have control of your costs? Are your profits growing?

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 provide 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 and its profit. Even just a 10% increase in sales, a 2% increase in margin and a 10% decrease in costs can collectively have a dramatic effect on the net profit, often adding as much as 40%  –  now that is surely worth having?

Have a think about this now!

This is a very quick snapshot of possible remedies for an unhealthy business, but if you would like some more advice, email me now: Robert@prestigebusinesscoaching.co.uk.

Or leave me a comment below.

THINK SMART, ACT SMART!