Tag Archives: Growth Business

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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A Great Recruiting Tool

There’s loads of evidence that investing a little effort in your team will yield positive results, what are some of theTeam Building things that you can do? Well, you can start by actually asking your team what is it that they want and what they would like the clinic to be like in five years’ time.

This in itself will make you stand out and start getting engagement because so few employees are ever asked, but you do have to be seen to follow through. One of the businesses I work with gives everyone their birthday off as an extra day’s holiday – and it’s compulsorily that they do something fun.

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How Does Your Business Culture Compare To These Guys?

I’ve been talking about the importance of nailing your culture and another brilliant example of how you can steer the culture of a business and benefit from the hugely positive impact on the people in it is Seattle’s Pike Place Fish Market, which is now world-famous.

Read the short book Fish by Stephen C. Lundin, Harry Paul and John Christensen to learn more about how they achieved the culture they did, but it’s a wildly successful, fun, and bustling place, with a joyful atmosphere and fantastic customer service.

The team literally throw fish from one side of the market to the other, and they get crowds of people coming down to see the action and even get involved. However, it wasn’t always that way, it used to be just a job to the employees and not a great one as it was often cold and smelly.

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In Business Everything Matters, Even How You Make The Tea

I recently dropped off a present to the guys at Mooch Creative, after a previous visit gave me déjà vu. The first time IMooch Creative Dan & Mark visited, I was kindly offered a cup of tea – which I gratefully accepted – and I saw one of the team then take themselves off to the kitchen area where they waited for the kettle to boil.

It reminded me of a manufacturing client I had years ago, and showed to be another example of how it’s the little things that can really hurt you (not physically).

If you are facing somebody and they threw an axe at you, you’d instinctively move out of the way sharpish so that the axe didn’t hit you. While thankfully there aren’t too many axes in business, there are lots and lots of opportunities to get paper cuts and this is what can damage your business. Read More »

How To Set Your Businesses Pricing

If you’re unsure about your pricing, take a look at your much bigger competitors or even those of a similar size. Now,Business Pricing you do have to compare apples with apples, but looking at their delivery, how far away are you from them? Do you really understand your marketplace? And are you constantly attending courses to evolve your knowledge and understanding of your industry best practice? To stay fresh? Do you understand the strategy behind what you’re trying to do? If so, you’ll absolutely wipe the floor with the majority of your competitors.

Also, if your client comes back and says your pricing is a bit on the high side (I’d always say that you should be in the top third price wise), ask them what they think their budget could stretch to. I’d never suggest reducing your price but you could offer to ‘part fund’ the first three months of the treatment to show the value that you bring (remember FS from your V x D + FS > R sales equation). This is also known as their puppy dog sales tactic, so, someone comes into a pet shop because they’ve been dragged in there by the kids and the kids are pestering for a puppy. The pet shop owners says take the puppy for the weekend, the kids

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