What Makes a Business Successful?

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%


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


3. Develop A Mission Statement


Your disadvantages are the same as that of your competitors

Disadvantages into unique selling propositions

Strategies to overcome disadvantages

4. List Your Disadvantages


5. Prepare A Written System

Reproduce excellence on every occasion

Not just occasionally!


6. Planning Is Essential

Plans for business are the same as maps for tourists


7. Know Your Market


8. Marketing Plan

Determine sales targets

Demographics of your customers

Targets Marketing

Strategies


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


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


10. Succession Plan


11. Do Your Homework On Your Customers

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10

20

30

40

50

60

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80

90

1stQtr

2ndQtr

3rdQtr

4thQtr

EastWestNorthSouth

Demographics Live/work Why do business with

you? Differentiate from your

competitors


13. Create A “Professional” Approach

System for standard answers

12. Install An Effective Telephone System


14. Create A System For Creation Of Word Of Mouth Referrals

“New Customer Systems” Make them feel welcome Unique selling proposition


Why do business with you? Different? Experienced? Stock? After sales service? Technical knowledge?

15. What Is Your Unique Selling Proposition?


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....


16. Try And Get Customers To Say WOW!

Follow up Guarantee Special equipment

for tradespersons Create a “WOW”

climate


17. Why Would People Do Business With You?

Can’t take customers for granted

Test, Test, Test! Testimonials


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


19. Build Personal Contacts

Niche markets Create close

relationships Contact six times per

annum


20. Show Them That You Care

Get closer to customers Use database Are you doing it?


Unique experience

Referral must match the experience

21. Remember The Power Of Word Of Mouth


22. Develop A Loyalty Ladder

Viewers Prospects Customers Clients Advocates This does not

happen by accident Viewers should be

VIP’s


23. People Want You To Lead And Educate

In your product or service

To spend money


24. Know Your Target Market

With a passion Empathy with your

target market “Walk in their

shoes” What turns them

on? Know thy market!


25. Think Like The Customer

Not like the business owner

Customers Advisory Committee

“WOW” experience


26. Avoid The Curse Of Assumption

Don’t know everything

Continually communicate

Think of you


27. Instil A Belief That You Can Be Trusted

Deal with people you can trust

Add value


Perceived added value

28. Price – From The Customer’s Point Of View


29. Trust Is Important

Tell the truth


30. Employ Dedicated Staff

Your staff control how much money you make


31. Get The Best Staff

Not that much extra cost

Difference between success and failure

“Director of First Impressions”

Uniforms


Staff input

“Can do”

Bottom line profitability

32. Embrace Staff Training


Deliberate system

Training

Staff aware

33. Encourage Up-Selling And Cross-Selling


34. You Must Have Self Belief

Leadership

Self Belief

Winner’s attitude


35. Understand The Leader’s Role

Coach, facilitator, mentor, planner and leader

Cheer leader

“Football coach”


36. CEO’s Role

Customer gets the very best

Staff are adequately trained

Properly planned Bottom line

profitability


37. Don’t Be Afraid To Make Mistakes

Mistakes are your best friend

Learn from experiences


38. Find Something Positive In Everything You Do

Work hard, play hard and enjoy life

Relaxation

Holiday


39. Continually Learn

Reading business magazines, newspapers and books

Ongoing education


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

What Makes a Business Successful?

Business

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