My Final P in business is…..Patience

February 15, 2011 4 comments

 

 

Patience, this sounds easy but in practice it can be very, very hard, especially when your business isn’t growing as fast as you’d hoped.

 

For example, how do you stick with the business plan that you spent days, weeks or months preparing? The plan that when you started was broken down to what seemed a few simple steps, ie implement the marketing plan, get customer in, retain them, profit with them, keep repeating and hey presto a viable business inside a relatively short space of time.

 

In principle you know your plan will work. But on the frontline day to day trying to implementing your plan gets hard. Especially growing a young business, trying to bring in new clients, one of the hardest, most expensive and time consuming processes a business carries out.

 

This is where you must have patience! Patience to stick with what you know is right. If you’ve planed thoroughly, got buy in from stakeholders (ie, you’ve checked your plan out with qualified others for feed back and they’re convinced of its merits), implementing correctly then all you may need, in general, is time and patience to make it work.

 

I found this out in my first “proper” business. I planed out where I was going, did the business plan and got the outline of the marketing plan, which in those youthful heady days just consisted of cold calling and word of mouth referrals, the internet was still in the womb at that time and I had no money for anything else.

 

My plan and business was sound, so onto bringing clients. Simple idea cold call relevant businesses that maybe interested in my services and then leverage of any clients on word of mouth and shazam!, lots of clients and an ever expanding healthy business.

 

However I had to learn patience.

 

I made well over a hundred cold calls a week, in person and on the phone. It was frustrating, demoralizing, sometimes humiliating, basically not always a great experience. But I slowly learned that occasionally I would find a customer and leverage of that one and so on and so on.

 

Finally momentum and break through followed. It all started to fall into place with patient implementation of a solid plan. But that plan would have been nothing without Patience.

 

So, look at your plan, if your convinced its sound and you know that the patience implementation of it leads to where you want to be then, Stick with it. Be Patient and believe in your own abilities.

 

Thanks for reading, Tim

 

The Next extra P in business is…..…..Persistence!

January 10, 2011 2 comments

This is has to come from within and how long you persist at something, not just in business, is a reflection as to how committed you are.

As Brian Tracy (well know American Success coach www.briantracy.com) recently said on personal Persistence:

“Your persistence is, in fact, the true measure of your belief in yourself and your ability to succeed.”

In other words Persistence comes from how much you believe in yourself to complete your task. Its not really about the task itself, its about you and your commitment to it.

 

 

In terms of being successful in business this translates into what Napoleon Hill had to say about Persistence.

Napoleon Hill (author of Think & Grow Rich) has this P as an essential ingredient in becoming successful. He wrote:

“Persistence is an essential factor in transmuting desire into

its monetary equivalent.”

This is easier said than done. But to help you Persists there a few things that you can do to help you.

Be responsible. Take responsibility for carry out your task and realise that you will profit from it if you Persist, you will be in a much better position. Pin this up some where so you can remind yourself of this fact, not just daily but throughout your day.

Another way, which I was recently reminded of by Sue from Red Hot Events and Seminars (http://www.redhoteventsandseminars.com ), was to join a mastermind group.

Find a group that has like minded people in it. You’ll naturally find encouragement there. You’ll also find that encouraging others boosts your own Persistence and enthusiasm to succeed.

So you need to ask the question: Are you committed to Persisting with your business?

I’ll give you my final P in business soon, thanks, Tim.

 

Aren’t there enough P’s in Business?

December 19, 2010 4 comments

The most important 3 P’s you’ll need in business….

Normally we refer to P’s in business in connection with just marketing, the 5 P’s or 7 P’s. But I’d like to suggest that if you’re in business or about to dip your toe into the business ownership world, then you’ll need all of  these 3 P’s of business.

Over the coming weeks I’ll let you in on what I consider these important 3 P’s in business are.

So what’s the first one?

First of the three P’s is……… Preparation – the first and most vital of the extra 3 P’s in business.
It’s been said by many people over the ages that preparation is the key to success.

In fact I would venture to say that many great writings over the years, in relation to winning, business, personal development and so on, all discuss the importance of preparation. From Sun Tzu’s The Art of War to Napoleon hills Think and Grow Rich, they’re all centered around preparation, know your enemy, do your preparation, know you’re self, preparation for become successful. And so on.

Preparation is vital to start any journey, particularly one into business. You need to be prepared in different ways.

● Have a plan, a road map of where you want to go, how big or small do you want your business to be, what do you want it to evolve into? Also allowing a little flexibility in this, as opportunities may arise, on along the way and lead you along a different path.

● Financially. Be prepared, have the right funding in place for your venture and a bit more for those unforeseen events.

● Mentally. Being prepared mentally to execute your business plan and to stick with it, even in the dark days. Mental toughness.

….and this is just the tip of the iceberg.

Preparation isn’t limited to just starting out in business, it’s an ongoing process, and so it should be.

One way to do this is through possessing an open mind, in terms of being open to learning. Listening, reading and being teachable are all essential and part of being prepared in business.

I’ll blog the next P in business soon….

Got the Passion for what you do?

September 14, 2010 2 comments

As Anita Roderick, founder of the Body Shop, coined “Passion Persuades”. Very handy if you’re in a sales role or own your own business.

All the books you’ve read, all the training you’ve had, all the seminars you’ve been to count for nothing, nothing at all if you can’t convey the passion for what you do.

You can kid some of the people some of the time, but not all of the people all of the time.

Ever looked at who the standout exceptional people are? The ones who are top of their game in their profession or field. What’s the difference, why are they there, why them?

What’s the extra ingredient?

I’m going to suggest that the extra magic ingredient is ….Passion.

Sure they may have a little natural talent, have a lot of experience, or attended a lot of seminars and so on. But the difference is the true deep belief in what they are doing that shines through and gives them that edge, makes them standout.

How to find the Passion in what you do

Here’s the tuff one. How do I find passion in what I do, especially if it’s something that’s hard to get passionate about?

Let’s take something like….car insurance. Can’t get too worked up about that can you, or maybe you can??

Well instead of think about the product, although you can always find benefits to selling most products, try thinking about yourself and the interaction with the customer.

Take this opportunity to just focus on the customer. How can I do my best and produce a great result for my customer and at the sametime gain personal satisfaction in helping someone get what they want or need.

That’s just one way, another is to get passionate about the product or service. Look at it from another angle.

Take the car insurance one again. You aren’t selling insurance for customer’s cars; you’re selling peace of mind and security. Peace of mind that if anything where to happen to you or your car, you are fully covered for any losses.

So a slight shift in the perception of what you do maybe all that’s required to ignite your passion for what you do.

I hope this has been food for thought and will help you find your Passion.

Thanks for reading, Tim.

What are some of the most profitable words used today?

September 6, 2010 2 comments

Do you want fries with that?

Are some of the most profitable words in history. Those six little      words are responsible for millions of dollars in revenue each year for McDonald’s.

Okay it’s not the words that are relevant to you, I think your customers maybe a little surprised if you offered fries with their purchase, or maybe not, if you’re in that industry. It’s the action, the intent, the fact that they’ve asked.

What do I mean?

It’s asking for the up sell, which leads to the increase in sales, the moving of more product and the increase in profits.

McDonalds, as with many others, have successfully mastered the art of asking for the up sell. The “super size”, the “do you want fries with that”, as I’ve said, it’s delivered them many millions in increased revenue and profits, by just asking for it.

Are you using the up sell to increase profits?

This simple but highly effective tactic can be used to increase turnover and profits dramatically in a short space of time.

It can be as simple, as I was reminded with my coffee order the other day and no it wasn’t from McDonalds, as being reminded that you have an add-on product available, in my case it was a muffin.

That simple add-on of a muffin took the sale from $3 to $7.50, over double my initial intended purchase price! But it was relevant and asked for at the right time, at point of sale.

In this case these are small numbers, but doing this consistently, without sounding like McDonalds, will lead to higher turnover and increased profits.

Don’t have fries to up sell?

This tactic to drive sales and profits isn’t just restricted to the fast food outlets or café’s. Most businesses have or could have an add-on product. Here’s a few quick examples:

  • Mortgage broker – would you like insurance with that, life or income protection? (this can be sold via an affiliate with commission paid to you for referrals).
  • Air conditioner / white goods / TV and so on purchase – would you like a maintenance plan with that?
  • For an extra $5 per month we can offer you a higher spec product / plan / service.

The list can be endless but gives you an idea. Just stop think about what you do or offer and what you can add to it that’s complimentary. Think about how you can effectively introduce it to your customer at the point of sale. But don’t make it sound like McDonalds!

Look for things that will benefit the customer, not what would just benefit you.

Thanks for reading and I hope you enjoyed this post, and I always look forward to your comments.

Thanks, Tim.

Don’t miss your target customer……

August 31, 2010 2 comments

Don’t miss your target customer……

Who’s your customer? Do you know? Do you really know?

It’s a question that begs an answer.

It’s so easy to be in business or to start a business and be blissfully unaware who your ideal customer really is.

So how do we establish who our ideal customer really is?

Lets find out

Well firstly we need to start with ourselves and our own business. What do we have to offer? What’s our product or service? Try and understand exactly what you are really offering.

Next we want to look at groups who maybe interested in what we have to offer.

Refine

Then try and refine these groups down. Do you want all these groups as your customers?

For example. A company that produces a high quality deli counter product may have supermarkets as one of its target customers, but do they want to be involved with them? Will it lead to lower margins, longer payment terms and less control of their product?

Really spend some time in defining who your ideal customer is. The more clarity you have over this the easier it will be to market to them.

Clarity

The clarity you have about your ideal customer will allow you to build a marketing plan focused around them rather than a non targeted, scatter gun approach. This will in turn make the marketing you do more cost effective and efficient. Ultimately it will deliver to you your ideal customer making you more fulfilled in your work and more profitable.

I hope this blog gets you thinking a little. It’s never to late to redefine your ideal customer and change the way you market to them.

Thanks for your time, Tim

What’s YOUR Most Precious Resource?

What’s Your most precious resource?

Okay before I get into this, it’s a slight track away from Marketing and the world of business and work. But it’s very relevant as to how you use your resources both personally and in your business or work. Have a look and challenge yourself.

Have a think, what is your most precious resource? mmm….is it money…is it your experience….is it your education?? Well all great resources in their own rights but all can be borrowed, brought, copied and so on, given enough….Time.

I came to the conclusion a while back, hopefully not too late in the day, that it’s Time that is our most precious resource. Once its used its gone and its not coming back.

You see time can fix all sorts of woes, problems, issues and general lack ofs, and time can be used effectively and efficiently, and be used to achieve wondrous, outstanding, profitable results.

How can we use time to our advantage?

Firstly we don’t need to waste it. We all need to look at what’s a good and what’s a bad use of our time. Only you can decide this, but here’s a few bad uses of your (well mine in the past) time:

● TV – I’m sure someone’s going to lynch me for this and I am guilty on occasion of doing this. I don’t mean all TV is bad and don’t ever watch it again. What I’m getting at is try and be more selective. Cut out some of the stuff that demands your attention but gives you little in return and instead replace it with something that is more constructive and will give you a return, be it educationally, a book for example, or physically, a walk or the gym??

● Over analysis – you’ve heard it before, but it’s so true – “analysis paralysis”. Don’t get caught up in this, it consumes huge amounts of time with no real outcome. Make a decision sooner rather than later. If you are struggling to make a decision then ask for help, ask someone neutral for there input.

● Duplication – are you doing tasks twice or duplicating information where it isn’t necessary? Unfortunately I used to do this a lot, but I’m getting better. An example of this is that I would sometimes visit the corner shop five times a week instead of once a week, costing me extra, in impulse buying of snacks, and wasting time, over an hour a week, not a lot but in an hour I can have written an article or two that may positively impact on people and provide personal satisfaction. Yep, much better and more satisfying than choosing which chips to buy for the fifth time.

I think you know what uses of your time are the good ones, you know the tasks that have a positive or constructive outcome, things that move you closer to your goals.

So have a look at some of the tasks you do in a day or week and put them into the good or bad box and how long these tasks take. This can be either in your personal life or your working day or week, or both.

Now, how about changing or getting rid of some of those bad uses of you’re time. How much does this give you back in your day or week and what positive outcomes does it or could it deliver to you? I know doing this exercise helped me to use my time more efficiently and effectively. It also helped me become more focused on my goals and the direction that I was going in, helped me gain a bit more clarity because I had become more effective with the time available.

This process can be expanded and refined and could eventually be used as a bases for your diary for the week, where by you are using more of your time efficiently and effectively, enabling you to produce better outcomes, week in week out.

It’d be great to hear some of your experiences on this, the good and the bad.

Thanks for Your Time in reading this and I hope it was helpful.

Thanks again, Tim.

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