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|Section 1: My First Section|
The greatest challenge in building a business is for many of us who learned a trade, there was never really any direction in the back end and business development. Great at our trade however how do we make money. Yes, as you go through this program there will be reference to my Hairdressing journey please don't let that concern you particularly if your a trade like a plumber or brick layer. We still all must learn the key areas of business development. Now this is my life's experience and journey, some of you may disagree on some concepts and that is okay, I am not expecting everyone to agree with my view point. However this is how I was able to cash out of my business debt free and move interstate.
Disclaimer: The information contained in these documents is based on years of personal experience and learning's. It is critical you understand I make no claim to be a licensed financial adviser, accountant or financial expert.
The information presented is for education purpose only and it is up to you to do your due diligence and refer to licensed advisers when needed.
|A critical step in business and in life is to conduct your own SWOT Analysis. Have a look at this power point pdf... fill out what you think and in the next lesson we will look much deeper into it. Now remember to be honest with yourself, no point hiding here.|
Continuing on from your previous lessons, you can now start to see why it is critical to Build a Strong Foundation. The foundation of your business, how well you have construted every area could be compared to building your house on a strong foundation and good solid ground as to building on reclaimed land.
This Global Financial challenge we are currently feeling will impact those business who have not reinforced their strong foundation, not looked at ways to underpin or back fill areas that need attention.
We are experiencing change and a blending of ages, the older Industrial age clashing with the new Information age.... to prevent your business from crumbling your need to reinforce or build a stronger foundation.
What you don't measure you can't manage. What you can't manage your can't grow.
Don't waste time making the mistakes others have already learned ... Measure and test your numbers. Selecting what to measure means being focused on the outcomes, remember to define what is critical for your business.
For example, it could be your delivery area of service. Is it a requirement and measurement for all staff to where name tags and a special greeting for all customers and prospective customers. If you don't measure you have no idea where the gap is and where profit could be slipping through this gap.
Key numbers in any business can be found here. When each of these areas are measured you then have areas to work with. One great advantage here is you find where your business is leaking. Lets say for example, you may be spending a great deal of money on Lead Generation only to find your margins could be incorrect or the life time value of an existing client is not good.
Let's face it, the only way you get ahead financially is when you own your own business and break the employee wage cycle trading time for money. However there are many benefits and pitfalls of Small Business, you must be open and objective to all of this, other wise we continue to see many business failures. Small Business is the back bone of all economies ... It is Small Business that will impact the change in this Global challenge.
Your Business and life will confront you with what your not good at. What this means is there are areas you need to front and create an understanding of. As you would of noticed when you completed your S.W.O.T analysis there are areas of weakness, may be not the best approach or action. However that is what you have learned.
Well guess what. what ever you learn can be unlearned and replaced with new ideas and views as long as your willing to take the step forward. Let's look at the critical impact points of your business and is there areas that need to be looked at from a different perspective.
One of the hardest and most confronting things in any business is to "Know Your Self". What do I mean by that? Well your business will be a reflection of you, and that means your can't pass the blame of on to any one else. It is not your team, it is not the goverment, it is not the economy, it is you.... you have to be the leader of your business.
So what ever challenges are coming up you need to first sit back and ask what is being reflected here.... what do you need to learn at this point.
Is a millionaire a millionaire before he/ she has their million dollars? Or is it after?
Interesting question don't you think? So in order to have, who do you need to be and then what do you need to do....
Think about that one.
For me this has been a valuable tool, understand how and why you think like you do then you understand those around you and the work place is a far more harmonise place.
We are all different however we are predictable different and when you understand the patterns you will create growth. The challenge with many business owners they employ people like themselves, the problem with that is all the clogs of the wheel won't fit together.
As you read this the next download is an example evaluation.... there are many more tests you can take (research businessballs.com)
Have some fun here, complete the evaluation and see where you come up.
Test your team out, then have a go communicating in each others primary modality ..... visual, auditorty, feelings
With out a team, you are limited to the level of income you can generate yourself.... the critical point with TEAM .... there is no 'I' in it ....
One of the greatest challenges we can all fall victim of is our planning... and planning in our heads. As you can see over the many things covered so far is there is Power In Planning ... with the critical step being WRITE it down .... your plans left on the drawing board of your mind will fad away with time and results will never be measured or achieved.
Put your planning on paper .....
Marketing is such a powerful area. As you can see with all the areas covered one critical point after testing and measuring some valuable numbers you should now be able to see where you need to focus your marketing on. It costs six times more to generate a new customer than it does to hold an existing customer.... look at the life time value of your customer before you run out spending a fortune on marketing for new customers and what do you need to do to hold those who already know, like and trust you.
Maybe that is where you need to foucs some marketing with things like a simple "Thank You" for being a valuable customer.
As you can see there are many areas to look at when building your business. The biggest challenge for many is to just take the time and Stop, look at what is happening, then make your adjustments.
Post any questions you have and lets all move forward to building Small Business....I strongly believe it will be the Small Business that will be the back bone for many countries in this current economic challenge.
Over this last month working face to face with business owners, it has been brought to my attention again to focus back on these critical numbers. To often in business we are busy doing and not really monitoring what is happening. As well with this changing economy, a clashing Industrial economy with the new knowledge based economy many traditional business are leaving alot of money on the table. To often the focus is on lead generation, yes it is critical however it costs six times more to gain a new customer than it does to hold an existing. My thoughts here are when you test and measure what is happening in all areas you will find where the leaks are in your business. Please find the attached chart as a reminder. Let's start to look at your margins, what areas can you improve on with your margins? For example, Keeping an accurate data base. Increase your margin prices, Sell via the Internet, Research network market products to suit your business, and build recurring income. What ideas can you come up with? Helene
Yes there will be areas of conflict in many when you see my thoughts behind this video. However there is a reason. Today in Australia again we see another wage rise coming through and the focus was how much pressure this will cause for the Small Business sector...
Yes this is more than the love and devotion to your chosen passion in business this is about your community, your family, your future security. Again Small Business is carrying the burden of many courntries and I strongly believe Small Business is Leaving alot of money on the table...
Small Business around the world are struggling, higher costs slower demand and an ever increase in failure rates. The challenge is globally Small Business and free enterprise is the only thing that will solve this economic challenge... not the big corporate negative money.
How do we change this? With a clash of economies the old industrial and the new knowledge base economy how can you adapt and keep up with this changing world.
The answer lies in creating additional streams of income for your business. As a hairdresser there is only so many haircuts you can do - trading your time for money. Yet our Network marketers are generating extraordinary levels of income. Business Revival is about being open to the tools professional network marketers use...
Watch the video, we have covered one of the tables in these modules before.... however I do believe Small Business is leaving a great deal of cash on the table when they are not open to what is available for them.
Let's face it ... Cash is King ... Are you leaving to much money on the table?
Would love to hear your thoughts, please leave comments so we can all work together and create growth for the Small Business Entrepreneurs.
Why Business Fail Report.
Understanding The Power Of Your Mobile and Mobile Marketing
Do Down Load My Mobile App - further information and up dates for business
When you look at statistics and see 5% of most niche earn most of the dollars. The next 10-15% are doing okay, as long as they don't do anything stupid...
The remaining 80% are struggling and in many cases are financially and emotionally broke. It took me 20 years of my working life to work out where I was off track.
Finally in my last 10 years of business Iwas able to turn my story around to becoming financially independent. The challenge with many business, although they need coaching or mentoring, many a times they literally can not afford it.
One of the reasons why more people are not as financially free as they would like to be is because most people do not actively plan to be wealthy; they unconsciously plan to be poor:
This program is about planning and working from the inside out.
Hours of video content