Tag Archives: Growth Business

Do You Know Where Your Business Sits?

graph

So, within your marketplace what is your product or service offering, who is your target market, what turnover do you need to generate to get you the profit and lifestyle you want, and what are the time scales for you building this?

You have to completely understand the marketplace you’re in, so consider what your key features are and how you compare to your competitors in terms of market share, quality and price. What are the main differences between you and your competitors? This will all give you a feel of how best to understand your position within the marketplace. As an example, I’ve included a graph of car manufacturers (this above is in no way is gospal but gives you an idea) … Read More »

Have You Created a Battle Plan for Your Business?

Creating a plan for battle is essential. No army would ever engage in a battle without knowing as much as they possibly could about their supply lines, the terrain, and the opposing forces they faced.

Once they’d gathered, or even guessed at the information that they didn’t have, they could draw up a plan for battle and how they were going to win.

The plan would take into account their own strengths, weaknesses, opportunities, and threats, and only then would they be ready. Of course plans rarely survive intact after the first contact with the enemy.

In preparing for battle I have always found that plans are useless, but planning is indispensable.

Dwight D. Eisenhower

A plan is also essential for your business as it’ll give you direction and a strategy to work to. Read More »

What’s Slowing YOUR Progress…

You’re procrastinating. 

Right now, probably.  

Me too. I started the day with a worthy goal. A proper plan. I was going to spend the whole day working ON my business. No distractions. Diary clear. Staff briefed.  

But there’s a problem. A big problem.  

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The Two Things As A Business Owner You Must Protect or Risk Failing…

It’s incredibly hard being an entrepreneur.

Anyone that pretends it’s easy, and that riches beyond your dreams are there for the taking is a charlatan. Getting even a single additional customer can often be the damned hardest thing.

Which is why you need a fortress. Not one formed from stone with flags on the battlements. No, you need a fortress to protect TWO THINGS:

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The Correct Way To Tie Your Shoelaces And Grow Your Business

Business Success I wanted to share a three-minute video with you today about the correct way to tie your shoelaces.

Now, I can just see the look on your face right now – you’re probably wondering whether I’ve finally gone and lost my marbles but stick with me a second.

It turns out that there’s a ‘weak’ form of the knot we usually tie our laces in and a ‘strong’ one.  You’ll have to watch the video to find out which you produce (!) – but the reason I wanted to share the video with you isn’t because I’ve suddenly developed a fascination with shoes or shoelaces.

It’s the last line the presenter Terry Moore delivers.  He says, ‘Sometimes a small advantage some place in life can yield tremendous results someplace else’.

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The Importance of Responding to Changing Markets

Let’s be honest. Sometimes as business owners we can get a bit comfortable with the current status quo and not responding to changing marketsreally pay attention to changing trends, new technology, updated legislation and a whole host of other things that are potential opportunities or challenges.

Take Webber Carburettors as an example. In my late teens I owned a Mark 1 Escort (I loved that car!) and the company was extremely well-known, and were *the* leading performance carburettor manufacturers.

So, of course, practically every young male including me wanted one of its kits on their car. However, following a hugely successful period for the business, the market began evolving. Technology and stricter emission requirements meant carburettors were unable to compete, and were replaced by fuel injectors.

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Are You Sure You’re Charging Enough?

Where your pricing sits is an indicator of how good you are, average pricing? You’re are average, well you’re Price Increaseprobably not but that’s what people perception will be, and price perception is key.A recent story showed that the majority of people can’t tell the difference between expensive and cheap bottles of wine.

In an episode of ‘Observatory’ on the hit YouTube channel ‘Vox’, 100 people tasted three bottles of wine priced at $8, $14 and $43 respectively.After a series of questions, tasters rated the least expensive and the most expensive exactly the same. Which begs the question, what’s the point in buying expensive wine when, taste-wise, you’re likely to get a similar experience to cheaper alternatives?

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Principle Number Six To Getting Better Results

Once we make a choice we encountered personal and interpersonal pressure to behave consistently with what we have previously said or done, so it’s all about being consistent with yourself.

In America in quite a well off suburb a group of researchers went down the street knocking on doors asking if they could put up a large placard in the front gardens requesting people to drive carefully, out of hundred people 17 agreed.

In an adjacent street researchers again went down the street but this time they were asking for people to sign a petition to get people to drive more carefully in the street, to which the majority of people agreed to do. Once they’d signed the petition the researcher then gave them a small card version of the placard and asked them if they replace it in their windows to show their support, to which the people readily agreed.

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Principle Number Two To Getting Better Results

LikingGetting people to like you is another way of building relationships, the activators for liking are similarity, praise and cooperation.

There’s a story about a large US company who were acquiring a lot of the businesses through purchase, this required the CEO of the company to negotiate with the owners of the companies he was buying. The chairman of the CEO thought that the negotiation processes were taking a bit long and suspected that the CEO was the issue.

Robert Cialdini was called in by the chairman to see if he could do anything to speed up the process, Cialdini watched some videos of the CEO in the negotiation process.It became apparent that he was a bit aloof and not very engaging with the person he was buying the business from.

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Businesses Can Learn A Lot From The Military

Businesses can actually learn quite a lot from the military, in the military lack of preparation or planning can very quickly costs lives. Operating in combat zones is an incredibly hostile environment or in the case of nuclear powered submarines you are continually operate in one of the most hostile environments in the world.

In some ways I’d actually say to more hostile environment than what the international space station has to face, as they are in a low-pressure no corrosive environment, whereas subs are a high-pressure highly corrosive environment (although getting into space strapped to a rocket is probably more hazardous)

As a submariner you exist in an environment where you’re carrying high explosives in the form of torpedoes and missiles, you have high-pressure hydraulics moving equipment that if you got in the way it wouldn’t even notice you are there, there’s for 415 V electrical everywhere, machine spaces, pumps and on top of that a nuclear reactor.

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