Tuesday, 23 September 2008 6:35 AM
"Discover the number one PROBLEM with most businesses today"
During this article you are going to discover the number one problem most business owners are experiencing that prevents them growth and financial success.
The fundamental problem with most businesses is that they are often started or purchased by people who are good at what they do. Unfortunately being good at your profession is not enough to build a highly successful business. However, with the right business know how and support business owners can dramatically boost their business performance and achieve a more energetic and passionate state of mind.
Most business owners develop their technical (professional) skills via formal learning and/or practical training. However, many of these courses and training sessions do not adequately equip business owners with the knowledge, skills and tools they need in the business world. Not surprisingly, therefore, many business owners often lack the business acumen and entrepreneurial abilities to cultivate a thriving business. Often times the necessary skills are hard-won through first-hand trials, which can be both stressful and costly for the business owner.
In his book, The E-Myth, Michael Gerber comments on the three forms of work required to build a highly successful business: (1) Entrepreneurial; (2) Managerial and (3) Technical.
Typically business owners spend a great deal of time and effort working as technicians in their profession (e.g. an accountant or lawyer) and applying their technical abilities. In most cases there is little focus on entrepreneurial and managerial work. Thus the core problem is revealed - rarely will it be possible to build a booming business whilst you are absorbed in technician mode and concerned solely with your profession day in and day out.
In the business world an entrepreneur will not be concerned with the technical aspects of your profession, but rather the associated opportunity for enterprise. Likewise, a manager will not be concerned with the practice of your profession, but rather the effective and efficient operation of the business. Thus it is only the technician whom is concerned with the practice of the profession.
As most business owners are concerned with the technical aspects of their profession many fall victim to working IN the business rather than also working ON it.
This occurs because they do not really understand the profound price they're paying by failing to perform the three forms of work - the work of the entrepreneur, the manager and the technician. Once this is understood, segregated and managed correctly - a fundamental shift occurs within the business and the operating efficiency is greatly enhanced and this frees-up the resources necessary to develop strategic opportunities upon which a successful business can grow. The point here is not to stop practising your profession, but to be aware of the opportunities to build an enterprise and a business, rather than just working in your business.
A business that depends upon the technician is not a true business at all. It is a business in which you work and trying to break the daily grind can be difficult. To really change you must look objectively at the way your business operates. Are you a technician? If so - what changes are you going to make so that you can improve the way you work? It can be a challenging road to creating the lifestyle you want through your business, therefore don't be afraid to ask for help so that you can make the necessary changes to the way you operate and thus reap the benefits.
Do you feel like you're operating more like a technician than an entrepreneur? If so, find out how to change this balance so that you can build the success you have always desired. Organise your one-on-one business coaching session today. Click here to discover more..
Filed Under: Business Articles | 18 Comments
Thursday, 11 September 2008 5:24 PM
Discover in this article FIVE STEPS TO creating a business development plan that will BOOST YOUR REVENUE and grow your business.
Many business owners are complacent about securing new and better clients. Often communication and promotional activities are misdirected or minimal in nature and there is no analysis to determine if clients are profitable. Our experience is that these organisations do not have a business development plan for their activities. Consequently they
waste money on inappropriate promotional strategies and suffer from fluctuating revenue.
A successful business development plan focuses on identifying and satisfying the needs of clients. Whilst clients may come to your organisation because of its products and/or services,
they really buy the benefits or solutions your products and/or services provide. For example, people buy a gym membership because they desire to lose weight or be fitter.
Five steps to creating an effective business development action plan
(1) Market analysis and segmentation - It is vital to first determine precisely who your targeted clients are and what they value. Your clients will also have differing needs and decision making processes, thus it is important groups similar clients into segments. Strategies can then be developed for each targeted market segment.
(2) Sustainable differentiation - This implies that your organisation is unique at something and that it is valuable to your targeted market. Successful differentiation will ensure that clients continue to want to use the products and/or services of your organisation in the face of continual competitive market pressures.
(3) Positioning - This is one of the most important steps in developing a successful business as it requires the careful design and communication of the organisation's offer, so that it has a unique meaning in the minds of each targeted segment.
(4) Objectives and strategies - Develop a number of measurable business development objectives, such as to achieve more than 10 new clients (on average) per week. Then create specific strategies to deliver achievement of the objectives.
(5) Performance measurement - Lord Leverhulme (founder of Unilever) said
"half the money I spend on advertising is wasted, and the problem is I do not know which half". The lesson here is to measure the performance of all strategies, so that you know which ones are making you money and which are not.
The Benefits
The creation of a targeted business development plan, based on the above steps, and its subsequent implementation will result in:
- Identifying your ideal target clients;
- Increasing the success and response to your marketing and promotion;
- Increasing your revenue and
- Attracting more profitable clients
Recent results with clients:
Consulting firm:
"With Andrew's help we have tripled last year's total revenue in only nine months."
Dental practice:
"We doubled revenue (from $900,000 to $1.8M) in 18 months."
Dental Practice:
"Revenue grew by 49% (or $845,508) over the prior year."
Best Practice Consulting is working with organisations to develop and implement business development plans. If you would like to boost your revenue, increase the number and quality of your client base and maximise the return from your business contact us today.
Filed Under: Marketing Articles | 15 Comments