Tag Archives: Profits

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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How You Deal With Bad Luck Will determine Your Success

I was listening to somebody complaining about their bad luck yesterday. If I’m honest, they had had a tough time, Welsh Guards Ken Adamsbut – like most things – their perception of it all made it ten times worse.

They could have chosen to see their challenge as an opportunity but instead it reinforced their view that the world was a tough place, which got me thinking about how some people really roll with the punches while others get KOd first time.

Often it’s the challenges we face which turn out to be the very best things to happen to us – personally as well as professionally. Divorced? It leaves you open to meet someone more perfect for you. Bankrupt? Tough lesson, but you get to start over with a hell of a lot more wisdom. Redundancy? Take the cash, and the time, to reinvent your career… You get the picture.

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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 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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Principle Number Four To Getting Better Results

ConsensusAnother principal for overcoming uncertainty is consensus.

People look for what other people feel think and do, and the amplifiers for this are many others doing it or similar others doing it. This is why it’s so important to get testimonials from your clients and put those testimonials in front of people like them, think about trip advisor, reviews remove uncertainty.

Shopping channels in America are big business, and one fitness device broke all sales records selling nearly a quarter of a million units, a big part of the success was switching how they encourage people to call in.

Instead of saying the usual are operators are waiting for your calls, they switched it to if the lines are busy please call back, insinuating that lots of other people were calling in.

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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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Multi-Tasking is a Lie

A recent article I read said that office workers, because of the array of social media available, including Twitter, Multi-tasking is a lieFacebook, Pinterest, Google Plus, and YouTube – to name just a few – plus texts, phone calls, and people popping in or asking questions, are interrupted once every 11 minutes!

This is shocking enough, but when you consider that getting focused on what you’re doing can take around 25 minutes before you’re ‘in the zone’, many office workers can spend their entire day without ever really being able to focus on anything that they’re doing.

Can you imagine how that can impact on any clinic’s output? While the treatments themselves are uninterrupted, when engaged with all the other important tasks to grow your clinic your productivity is being destroyed.

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What Attitude Are You Adopting In Your Business

During the recession in the 1990s there was an insurance company on the east coast of America and, like most Attitude In Businessbusinesses, they’d been hit hard and were struggling. One day, the owner came into work, looked around the office and noticed, not surprisingly, that the sales people were flat, the atmosphere was glum, and that it just wasn’t a great place to be.

But then he had an epiphany. Even if these were good times, even if there was no recession, they would have practically zero business coming in because of everyone’s attitude. And he went on to think that if his guys were like this, then the competition must be similar, which meant that no-one was out there actually selling to potential clients.

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Fear Of Rejection Holding You Back?

Fear of rejection is a big one in every industry, simply because so many people just hate asking for the sale or the money, actually 80% of sales are lost because no one asked for the sale and this is why thinking about your sales process and having scripts to work with are so important

Jia Jiang has a rather entertaining and insightful opinion on rejection, after he went out of his way to be rejected for 100 days straight, well worth a watch.

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By Alan Adams

Access the FREE workshop on Getting DEPTH™ in your business, click here WWW.GET-DEPTH.COM for more details and start developing a business that delivers you the lifestyle you want, with none of the stress.

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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