Tag: business growth tips

Brain Hack – Seeing Opportunity in Competitive Markets

SITUATION: you are seeing nothing but competition out there and feeling your industry is so saturated it is the major block to your success.
Brain hack by David Lennon
Use this brain hack to improve your business
Firstly…I would like to say, ‘yes, your industry and location may well be saturated and competitive’.
 
BUT…I’d like to share a brain hack to help you in this situation and point out a MASSIVE danger in believing competition is high
 
Our brains receive millions of bits of info every minute and to survive and not overload, they are designed to filter out information that is considered unimportant. Think of your computer…if you open heaps of programs and have lots running in the background it starts bogging down. Our brains are the same. Our brains focus on what they believe is ‘important’.
 
Why is this important to this business situation?  This is the awesome brain hack! If we have the belief our industry is saturated…our BRAINS WILL FILTER OUT and DELIVER TO US INFORMATION THAT SUPPORTS THAT BELIEF!
 
You have told your brain what is ‘important’. It then discards info that doesn’t match what you believe is important.
 
This is why when you buy a certain car, get a certain dog, start a certain hobby etc you suddenly notice them everywhere.
 
Your brain will notice all the inputs it receives that back up your belief that the market is saturated/competitive, and as a result, you don’t see the opportunities!
 
BRAIN HACK: If you switch your thinking and tell yourself that there is loads of opportunity in the saturated market and an absolute gold mine to be tapped into, your brain will start to deliver information that supports this.
 
I see competitive markets as opportunity because I know everyone is pretty much doing the same as everyone else in terms of service and product. And this means there is opportunity to do something different and better and stand out amongst the majority.
 
The brain hack that will help you see opportunity, is to simply start thinking it. And it doesn’t take long. Our brains are amazing computers that work extremely fast. Just try it for 30 mins and notice the difference in your thinking and the ideas that come.
 
As always, here if you’d like help or want to discuss in further detail or run a brainstorming session in your business. 🙂

2 Case Studies – Drainage and Pilates

 1. Drainage Business

This business just had the first profitable Feb in 8 years and now has staff that are motivated and excelling in their roles. Next step is to get the owner down to 4 days per week.

 

Time to achieve: 6 weeks

 

How:

  • Elimination of grey areas in leadership and who staff report to. It was ‘fuzzy’, there was two leaders. No there is one.
  • Clarification of roles and expectations. This included staff interviews to understand their personal career goals and the type of work they liked doing and where they felt they needed more training/support.
  • Clarification of where the business is going. Every business can be thought of as a ‘bus’ and as the owner you are the driver of the bus. A common cause of low motivation is staff on the bus that don’t know where the bus is going. So they start to think about getting off the bus. Who likes to be on a mystery bus ride!? The bus driver must keep everyone informed as to where the bus is going.
  • Clarification of the culture, vision, mission and vibe the staff want and the owner wants. This is key and part of the Critical Alignment Model I use. Actions are then measured against this – do they help create the desired culture or not.
  • Competitor prices were confirmed and the price of one common service was increased by $100.

 

2. Pilates Studio

This business never had money in the bank, and any cash in was going straight out. This meant there was no surplus to hire more trainers, buy equipment, invest in marketing or cover an unexpected slow period. The business now has $17K in the bank and this is continuing to grow.

Time to achieve: 3 months

How:

  • The main action that turned things around was simply putting a staff member in charge of calling clients about outstanding fees. It wasn’t any more complicated than that. The owner now realises that they probably have lost thousands over the years by clients not paying.
  • We have been implementing a range of other improvements to help improve lead generation, increase clients, increase profit and decrease the time the owner is working in the business. However the main cause of money in the bank is simply chasing up clients that haven’t paid.

 

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So there you go!
I hope these two case studies give you ideas for your own business.

If you need more info or what to run by me your business issue to see if I can help, simply call or email or message me.

0400 520 471
david@davidlennon.com.au