Tag: Business boosting strategy

TUESDAY TIPS for business growth

Today I thought I’d share some tips for selling more and growing the business, based on two of my clients who are quite typical of the businesses I deal with. Or I should say the business owners I work with.

Client 1: manufacturer, quality product, excellent fabrication setup but never been profitable in 4yrs of operation and production team unable to meet targets for each station. He was ready to close up shop and give up. His motivation for the business was 3 out of 10. He was dreading going to work. Which certainly sucks and the last thing you want as a business owner! We turned this around in less than 3 mo and he’s been profitable ever since, production hit targets, no delays, less returns and he enjoys going to work (8 to 9 out of 10).

Client 2: tradie, very motivated to do well and deliver quality service but unclear on how to grow. He was turning over $40-50K/mo when I started with him and he now consistently does $200K/mo and on track to grow to $300-400K/mo and then more as he franchises the operation.

TIPS – what did they do? I’m picking a few of the key actions/changes but there were a number of things.

1. They got super clear on the vision and values for the business and communicated this with the team and used it to attract quality employees and lose the ones that didn’t match. Your business is like a bus and you are the driver. If staff are on a bus and not sure where it is going they start looking out the window and thinking of ways to get off the bus. They also need to trust the bus driver knows where they are going. If this isn’t shared they develop all kinds of ideas which can often be negative and affect productivity.

2. They set clear performance goals and made sure these were visible, understood and routinely checked. They didn’t set a goal and then never talk about it again until the end of the month when it was too late to take corrective action.

They made sure that not only did employees know what was expected but had the support to achieve what was being asked. With the tradie there are incentives for hitting and exceeding targets and one target is a 5star review. His business has over 690 5star reviews. Google came and had a chat because he has the highest rating of any in his field in Australia.

3. Both got really good at letting staff go that weren’t a match and really good at hiring the right people. The trick is to hire slow and fire quick. Too many businesses keep the wrong people on too long and the longer it is the more they have invested in the person and the harder they find it to let them go. This means 6mo, 12mo, 2yrs go by with an average person in the role and the owner has to deal with stress, things not going to plan, deadlines not met, decreased quality, missed sales targets etc etc. There is significant lost opportunity cost. I recommend one day trials, then a week and then a month.

The tradie has let people go within an hour! Lets face it, we can often tell very quickly if there is a match and whether someone has what it takes. Again, use your vision and values to measure someone against. Will they take you to your vision? Will they uphold your values?

4. They both hired a coach/mentor. In this case it was me of course but I encourage them to seek out mentors to help with an aspect I’m not an expert in. My tradie client is thinking of franchising which I know nothing about so he needs to have a chat to a mentor that has done it.

They both had a desire to succeed but didn’t know what to focus on and in what order and how to do it. This is where a coach/mentor is invaluable. Don’t try and figure it all out by yourself. Short cut the process and talk to someone that knows. Time can’t be regained and time is money. And read, listen to audio books, watch YouTubes on business and mindset. Always be growing. To have what you have never had you must do what you have never done – working with a coach/mentor helps identify what it is you need to do.

As always, I’m here for a chat and to help.

Don’t Ask for a Meeting or Reply!

SITUATION: YOU ARE NOT GETTING REPLIES TO EMAILS OR REQUESTS FOR MEETINGS.

This can be due to several reasons, but here is one that you may not have thought of or considered.
A client today had a lightbulb moment regarding their issue of prospects not returning their calls or replying to emails.

It highlighted how easy it is to be more in OUR world instead of being more in THEIRS. And as a result we get ignored.

My client was telling me:

“I’ve asked them many times to meet so we can explain our service, I’ve even invited them to come to one of our sites and see our work firsthand! And I’ve given them names of clients they can call to confirm we are good.”

I translated this for him so he could understand what the prospect may be hearing:

“So you want me to interrupt my day and give you time I don’t have in my overloaded schedule, to help you, a stranger, make money?”

The penny dropped. Yes he’s got a good service but everyone is busy. And he was approaching his business development from the perspective of himself. So every email or phone message was asking the prospect to agree to an action and add yet another task to their already overflowing to-do list. Even replying to an email is an extra task they don’t need.

The solution was to brainstorm a range of ways he can remind them he exists and how he can ‘give’  value before asking for something from them.

businessdevelopmenttips, prospecting, businesstips, salestips, businessdevelopment

 

Video: Stop Doing This! :)

If you are looking to get better results in any aspect of your business, don’t overlook this simple issue. Are you doing the same thing and expecting different results? Be honest.

Personally I suffer from being a bit stubborn on some things and believe the way I think it should be done is THE best way. But sometimes it isn’t. Sometimes all we need to do to make big changes is let go and accept there might be a better way.

So…is there something in your business not working? Analyse how you (or your team) are approaching it or doing it, and write a list of other ways to do it and just give them a go. Try it for a day or a week. Action creates clarity. Take action and you will have the feedback you need to decide if it works better or not.

I’m here if you need to bounce some ideas around and get external opinion. It can save a lot of time.

 

Monday madness 🤓 doing same thing and expecting a different result !

Posted by David Lennon Business Development Coach & Mentor on Sunday, 21 October 2018

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. 🙂

5 Essentials to Include in Your Business Development Plan

SITUATION: You feel you need to write a business development plan for 2018 but the thought of it bores you to death, or you can’t decide what to put in it, or you don’t have the time…or all of the above!

SOLUTION: Try my C-L-E-A-R business development plan format. It might be just the thing you need. It’s quick and simple but covers the absolute essentials that will make a difference.

C = customer.

What customers do you want in 2018? Most businesses have three main types, A, B and C.

‘A’ stands for awesome. They buy big, don’t mind paying and they love you.

‘B’ are bread and butter customers. They are the regulars, they just keep coming and provide the bulk of your revenue.

‘C’ are the complainers. Never happy, haggle on price and take the most time to serve.

You can’t buy more time in life. Don’t waste time chasing customers that aren’t going to take you to your goal. Do you need to change your mix of customers in 2018? Who will you focus on? Get real clear on this. Your marketing, your presentation, your strategies, your staff, your product, your pricing…everything, is dictated by who you want as a customer.

L = looking for?

What are your target customers looking for in 2018? Features, pricing, packages, service etc. Get clear on this. Brainstorm with your team, customers, partner, colleague, customers, suppliers, customers, coach, and customers. Hint: ask your customers what they want! 🙂 In order to win more of a particular customer you would like in 2018, what do you need to provide?

E = earnings.

How much do you want to earn in 2018? How much do you want to pay yourself? How many customers do you need to achieve this? Or how many sales of products XYZ?

There is immense power in writing this number down. It makes a very powerful statement to the universe and your subconscious. Our brains prioritise what they focus on and notice. They have to. Our brains are processing millions and millions of bits of info every second. If our brains didn’t filter this info they would bog down like a computer with too many programs running. By writing your goals down, you help your brain know what it should focus on. The result? You will ‘miraculously’ notice opportunities you didn’t before because your subconscious is showing them to you. It’s the red car effect. You buy a red car (or a particular model) and suddenly there seem to be hundreds on the road.

A = actions required?

What actions are required to achieve the above? You might want to break it down into monthly actions, quarterly actions. Or weekly. Just as you don’t plan a dream holiday and then do nothing about it, get clear on what actions need to be taken. And this can include what different actions you need to take. What type of person do you need to be?

Workshop the actions required with your team. Very important if you want them to be clear on your plans and vision for 2018.

R = roles and responsibilities?

Now you have your action list, put names and dates to each action. Who will do them? If your team is involved, it is best to workshop this with them so they are on board. Do you need an accountability buddy to keep you on track? Break actions down into bite size pieces so they get done rather than delayed.

If you have staff that are not doing the actions you want, I have a module on the 5 common reasons and what to do about it. Email me if you want to know.

____

So there you go! Simple business planning with the essentials you need to kick goals.

Have fun with it. Here if you need help.

Get CLEAR
CLEAR business planning infographic