Post on 30-Nov-2014
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BEGINNING IN BUSINESS
What Makes A Business Successful?
Alan Lewis AAccccoouunnttaannttss
www.lewistaxation.com.au
1. High Failure Rate
First 5 years – four out of five fail
Next 5 years – around 80%
Success over 10 years – about 4%
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2. Characteristics Of Successful People
Keep on knocking Don’t take failure personally Develop vision – be different! Develop action:
◦ Persistence◦ Belief◦ Vision◦ Action
You only have to get one of these right to be more successful than most other people
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3. Develop A Mission Statement
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Your disadvantages are the same as that of your competitors
Disadvantages into unique selling propositions
Strategies to overcome disadvantages
4. List Your Disadvantages
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5. Prepare A Written System
Reproduce excellence on every occasion
Not just occasionally!
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6. Planning Is Essential
Plans for business are the same as maps for tourists
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7. Know Your Market
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8. Marketing Plan
Determine sales targets
Demographics of your customers
Targets Marketing
Strategies
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Event opportunities:◦ Christmas◦ Easter◦ Local Shows◦ Field Days◦ Valentines Day
8. Marketing Plan cont’d ....
◦ Anzac Day◦ Local event
celebrations◦ The business’s
birthday◦ Sporting Events◦ Race Days
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SWOT Analysis Product or services Suppliers Competitors Customers Market Marketing Plan Staff Staff Training
9. Business Plan
Management Management
Meetings Capital Expenditure Profit Target Budgets Cashflow Forecasts Contingency Plan Risk Analysis Check List
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10. Succession Plan
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11. Do Your Homework On Your Customers
0
10
20
30
40
50
60
70
80
90
1stQtr
2ndQtr
3rdQtr
4thQtr
EastWestNorthSouth
Demographics Live/work Why do business with
you? Differentiate from your
competitors
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13. Create A “Professional” Approach
System for standard answers
12. Install An Effective Telephone System
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14. Create A System For Creation Of Word Of Mouth Referrals
“New Customer Systems” Make them feel welcome Unique selling proposition
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Why do business with you? Different? Experienced? Stock? After sales service? Technical knowledge?
15. What Is Your Unique Selling Proposition?
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Delivery? Add “real” value? System for handling of word of mouth
referrals? Differentiating your business from competitors Unique selling proposition
15. What Is Your Unique Selling Proposition? cont'd....
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16. Try And Get Customers To Say WOW!
Follow up Guarantee Special equipment
for tradespersons Create a “WOW”
climate
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17. Why Would People Do Business With You?
Can’t take customers for granted
Test, Test, Test! Testimonials
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Feedback How can we improve? What else can we do? How do we compare to
competitors? Where are our competitors
better?
18. Establish A Customers’ Advisory Committee
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19. Build Personal Contacts
Niche markets Create close
relationships Contact six times per
annum
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20. Show Them That You Care
Get closer to customers Use database Are you doing it?
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Unique experience
Referral must match the experience
21. Remember The Power Of Word Of Mouth
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22. Develop A Loyalty Ladder
Viewers Prospects Customers Clients Advocates This does not
happen by accident Viewers should be
VIP’s
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23. People Want You To Lead And Educate
In your product or service
To spend money
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24. Know Your Target Market
With a passion Empathy with your
target market “Walk in their
shoes” What turns them
on? Know thy market!
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25. Think Like The Customer
Not like the business owner
Customers Advisory Committee
“WOW” experience
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26. Avoid The Curse Of Assumption
Don’t know everything
Continually communicate
Think of you
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27. Instil A Belief That You Can Be Trusted
Deal with people you can trust
Add value
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Perceived added value
28. Price – From The Customer’s Point Of View
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29. Trust Is Important
Tell the truth
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30. Employ Dedicated Staff
Your staff control how much money you make
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31. Get The Best Staff
Not that much extra cost
Difference between success and failure
“Director of First Impressions”
Uniforms
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Staff input
“Can do”
Bottom line profitability
32. Embrace Staff Training
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Deliberate system
Training
Staff aware
33. Encourage Up-Selling And Cross-Selling
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34. You Must Have Self Belief
Leadership
Self Belief
Winner’s attitude
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35. Understand The Leader’s Role
Coach, facilitator, mentor, planner and leader
Cheer leader
“Football coach”
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36. CEO’s Role
Customer gets the very best
Staff are adequately trained
Properly planned Bottom line
profitability
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37. Don’t Be Afraid To Make Mistakes
Mistakes are your best friend
Learn from experiences
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38. Find Something Positive In Everything You Do
Work hard, play hard and enjoy life
Relaxation
Holiday
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39. Continually Learn
Reading business magazines, newspapers and books
Ongoing education
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Initial planning Adequate systems Give your customers a
WOW! experience Capable staff Performing as leader, coach, motivator
and cheer leader
40. Attitude For Business Success