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Casual Articles - Six Steps to Building a Successful Business
Having spent the last few years of my career in the staffing and recruiting industry, I’m asked all the time by friends and relatives if I can help them find a more desirable job. I’ve helped my fianc? get a job, helped my college buddies get jobs after graduation, and even helped a few high school buddies find jobs having not seen them for years. It’s a real joy in recruiting when you can help someone find a job that positively impacts their life. But the fact of the matter is, not everyone has the opportunity to work with a headhunter. I would say that only a small percentage of career moves are made at the hand of a headhunter. So what do the rest of us do when we find ourselves in a dead end situation and no one to conduct the hunt for you?I’ve heard lots of gimmicks, tricks, and tact
For your business to succeed—you have to have sales. Understanding who you want to sell to and how well you convert them, will go a long way to building a great business.
Leverage
OK, you understand the inner workings of your business and have raised your sales working with the kinds of clients you love—congratulations. You are well on your way to owning a commercial profitable enterprise that runs without you.
The increase in sales is going to put pressure on internal systems to become more effective and more efficient. This is what the LEVERAGE level is all about. What we are going to accomplish is basically teaching paper how the prime processes run in your business. The benefits of doing this include:
• Owner Saves Time—now, instead of answering each question you are going to be able to reduce your hours as the processes (and decision criter
America is in the midst of a nursing shortage that is expected to get worse as baby boomers age and the need for health care increases. Complicating the nursing shortage problem is the fact that nursing schools and universities across the country are having difficulty maintaining enrollment levels that still are not sufficient to meet the projected demand for nursing care.Based on a recent survey, it is common knowledge that there is a nursing shortage and this is viewed as a serious issue. The study revealed that 75% of Americans think that the nursing shortage is a very real and very important health care concern. The general view is that the nursing shortage will have a negative effect on health care services. The poll indicates that 81 percent of the population is acutely aware of the
One of the consistent pursuits for businesses is more customers. Without customers, frankly, there is no business. However, once a business is up and running, there is a structured growth methodology that will not only lead to more customers – but also profitable customers (because, it is not necessarily how much you sell – but rather how much you get to keep). We find that there are six predictable steps in building a business which include:
1. Mastery—understanding the way the business works
2. Niche—developing a marketplace where price is not the key competitive angle
3. Leverage—putting process in place for consistency
4. Team—having the right people on board so that as the owner you can work fewer hours without panic
5. Synergy—positioning for sale or GM
6. Investor—freedom as entrepreneur
In this article, we will address the first three – Mastery, Niche and Leverage.
Mastery—focuses on what is happening inside the four walls of the business. Topics that you need to have under control in mastery include:
• Margin—do you know which products you make the most money on and which ones you don’t.?
• Testing & measuring—do you know the numbers in your business? Do you know if your current advertising strategies are actually driving leads to your business? If not, how do you know whether to continue investing in them?
• Efficiency—how does your product or service move through your organization? Is it “turning around” as fast as you expect it to or is there an opportunity for a great deal of improvement?
• Financial mastery—do you have a feel for where you are from a financial perspective. Specifically, do you understand your cash gap (difference between when you get paid and when you pay your suppliers and team)? Do you have a cash flow budget with reserves to tap into when you need to? Do you have an annual budget for expenditures that you review on a monthly basis (at a minimum) as well as a consistent method for tracking the expenses?
• Customer database management—do you have a record of your current and past customers that you can manipulate for information? The easiest customer to sell to is one that has bought from you before. Can you identify your “A” & “B” clients (the kinds you really want more of)?
Before you increase sales in your business, make sure your business is ready to handle the profitable increase.
Niche
Now that you have the inside of the business in shape with good understanding of the clients you like to work with—it is time to go get more of them.
Niche is all about growing the revenue number. It primarily focuses on lead generation and conversion ratios.
• Lead Generation– how do you currently drive people to your business? If you are not sure, ask this question of every person that comes into your business—”do you mind if I ask you how you heard about us?”. Once you know what marketing is working well for you and getting you the clients you want—time to get more of them. One thing to consider—lead generation requires an investment. Lead generation is the one you have to watch before the financial investment gets away from you. What are you doing to drive traffic to your business?
• Conversion Rate—this is the process of turning those qualified leads into actual paying customers. The reality is that you can drive traffic to your business all day—but if you don’t convert them to paying customers it is merely an activity in marketing (which won’t pay the bills). Some ideas to improve your conversion rate:
o Ask for the sale—too many people wait for the customer to ask if they can buy
o Document your sales process—how does it work and what are the best sales people doing to get the great results?
o Test and measure your conversion rates—where is the biggest opportunity to improve. If you double your conversion rate, you can double your sales with zero investment in marketing.
For your business to succeed—you have to have sales. Understanding who you want to sell to and how well you convert them, will go a long way to building a great business.
Leverage
OK, you understand the inner workings of your business and have raised your sales working with the kinds of clients you love—congratulations. You are well on your way to owning a commercial profitable enterprise that runs without you.
The increase in sales is going to put pressure on internal systems to become more effective and more efficient. This is what the LEVERAGE level is all about. What we are going to accomplish is basically teaching paper how the prime processes run in your business. The benefits of doing this include:
• Owner Saves Time—now, instead of answering each question you are going to be able to reduce your hours as the processes (and decision criteri
SHOW YOU CAREFind a way to give the customer what they want.The customer is always right – this is really about an attitude of mind. Even if the customer appears really unreasonable, listen to them, hear what they have to say, paraphrase your understanding and find ways to go for a win-win. The customer wants to feel listened to and valued. Listening, reflecting back and letting it be known that you do really want to help, goes a long way to meeting customer needs.AT THE FRONTLINEStaff need to know that as well as accountability they have responsibility, the power to make decisions without the continuous need to refer up the line.Frontline staff, particularly ought to have a very pleasing manner, in tone of voice and a welcoming manner. They are the `face’
In this article, we will address the first three – Mastery, Niche and Leverage.
Mastery—focuses on what is happening inside the four walls of the business. Topics that you need to have under control in mastery include:
• Margin—do you know which products you make the most money on and which ones you don’t.?
• Testing & measuring—do you know the numbers in your business? Do you know if your current advertising strategies are actually driving leads to your business? If not, how do you know whether to continue investing in them?
• Efficiency—how does your product or service move through your organization? Is it “turning around” as fast as you expect it to or is there an opportunity for a great deal of improvement?
• Financial mastery—do you have a feel for where you are from a financial perspective. Specifically, do you understand your cash gap (difference between when you get paid and when you pay your suppliers and team)? Do you have a cash flow budget with reserves to tap into when you need to? Do you have an annual budget for expenditures that you review on a monthly basis (at a minimum) as well as a consistent method for tracking the expenses?
• Customer database management—do you have a record of your current and past customers that you can manipulate for information? The easiest customer to sell to is one that has bought from you before. Can you identify your “A” & “B” clients (the kinds you really want more of)?
Before you increase sales in your business, make sure your business is ready to handle the profitable increase.
Niche
Now that you have the inside of the business in shape with good understanding of the clients you like to work with—it is time to go get more of them.
Niche is all about growing the revenue number. It primarily focuses on lead generation and conversion ratios.
• Lead Generation– how do you currently drive people to your business? If you are not sure, ask this question of every person that comes into your business—”do you mind if I ask you how you heard about us?”. Once you know what marketing is working well for you and getting you the clients you want—time to get more of them. One thing to consider—lead generation requires an investment. Lead generation is the one you have to watch before the financial investment gets away from you. What are you doing to drive traffic to your business?
• Conversion Rate—this is the process of turning those qualified leads into actual paying customers. The reality is that you can drive traffic to your business all day—but if you don’t convert them to paying customers it is merely an activity in marketing (which won’t pay the bills). Some ideas to improve your conversion rate:
o Ask for the sale—too many people wait for the customer to ask if they can buy
o Document your sales process—how does it work and what are the best sales people doing to get the great results?
o Test and measure your conversion rates—where is the biggest opportunity to improve. If you double your conversion rate, you can double your sales with zero investment in marketing.
For your business to succeed—you have to have sales. Understanding who you want to sell to and how well you convert them, will go a long way to building a great business.
Leverage
OK, you understand the inner workings of your business and have raised your sales working with the kinds of clients you love—congratulations. You are well on your way to owning a commercial profitable enterprise that runs without you.
The increase in sales is going to put pressure on internal systems to become more effective and more efficient. This is what the LEVERAGE level is all about. What we are going to accomplish is basically teaching paper how the prime processes run in your business. The benefits of doing this include:
• Owner Saves Time—now, instead of answering each question you are going to be able to reduce your hours as the processes (and decision criter
I spent a great deal of time in Corporate America, frequently near the sales force. Every October the heat was turned up as the salespeople redoubled their efforts to meet their annual goals set way back in January. It meant working right up to New Year's Eve in many cases. When I talk to many of my business clients, I don't sense the same sense of urgency. In fact, in too many cases, my clients don't do forecast planning and don't check their numbers on a quarterly basis. Come October, they have no idea whether they should work harder or head for the beach. How Many Customers/Clients Do You Need? One of the important steps to take while running a business is to develop some type of business or marketing plan. It doesn't have to be elaborate. What you do need to
• Customer database management—do you have a record of your current and past customers that you can manipulate for information? The easiest customer to sell to is one that has bought from you before. Can you identify your “A” & “B” clients (the kinds you really want more of)?
Before you increase sales in your business, make sure your business is ready to handle the profitable increase.
Niche
Now that you have the inside of the business in shape with good understanding of the clients you like to work with—it is time to go get more of them.
Niche is all about growing the revenue number. It primarily focuses on lead generation and conversion ratios.
• Lead Generation– how do you currently drive people to your business? If you are not sure, ask this question of every person that comes into your business—”do you mind if I ask you how you heard about us?”. Once you know what marketing is working well for you and getting you the clients you want—time to get more of them. One thing to consider—lead generation requires an investment. Lead generation is the one you have to watch before the financial investment gets away from you. What are you doing to drive traffic to your business?
• Conversion Rate—this is the process of turning those qualified leads into actual paying customers. The reality is that you can drive traffic to your business all day—but if you don’t convert them to paying customers it is merely an activity in marketing (which won’t pay the bills). Some ideas to improve your conversion rate:
o Ask for the sale—too many people wait for the customer to ask if they can buy
o Document your sales process—how does it work and what are the best sales people doing to get the great results?
o Test and measure your conversion rates—where is the biggest opportunity to improve. If you double your conversion rate, you can double your sales with zero investment in marketing.
For your business to succeed—you have to have sales. Understanding who you want to sell to and how well you convert them, will go a long way to building a great business.
Leverage
OK, you understand the inner workings of your business and have raised your sales working with the kinds of clients you love—congratulations. You are well on your way to owning a commercial profitable enterprise that runs without you.
The increase in sales is going to put pressure on internal systems to become more effective and more efficient. This is what the LEVERAGE level is all about. What we are going to accomplish is basically teaching paper how the prime processes run in your business. The benefits of doing this include:
• Owner Saves Time—now, instead of answering each question you are going to be able to reduce your hours as the processes (and decision criter
Universal Funnel Law #3 – Every business must have sales. A sales plan along with a sale model or process works to convert prospects into actual sales.Leo Burnett, a pioneer American in advertising, said “Plan the sale when you plan the ad.” His comments reinforce that your sales plan must follow your marketing plan. Universal Funnel Law #3 follows these wise words.(Read the #2 Universal Funnel Law at http://ezinearticles.com/?id=89742Sales plans need to start at the top with who is responsible for pricing and profitability. Again, the importance of a strategic business plan once again is evident. Additional analysis may include some of the following questions:What specific sales strategies will
• Conversion Rate—this is the process of turning those qualified leads into actual paying customers. The reality is that you can drive traffic to your business all day—but if you don’t convert them to paying customers it is merely an activity in marketing (which won’t pay the bills). Some ideas to improve your conversion rate:
o Ask for the sale—too many people wait for the customer to ask if they can buy
o Document your sales process—how does it work and what are the best sales people doing to get the great results?
o Test and measure your conversion rates—where is the biggest opportunity to improve. If you double your conversion rate, you can double your sales with zero investment in marketing.
For your business to succeed—you have to have sales. Understanding who you want to sell to and how well you convert them, will go a long way to building a great business.
Leverage
OK, you understand the inner workings of your business and have raised your sales working with the kinds of clients you love—congratulations. You are well on your way to owning a commercial profitable enterprise that runs without you.
The increase in sales is going to put pressure on internal systems to become more effective and more efficient. This is what the LEVERAGE level is all about. What we are going to accomplish is basically teaching paper how the prime processes run in your business. The benefits of doing this include:
• Owner Saves Time—now, instead of answering each question you are going to be able to reduce your hours as the processes (and decision criter
People are critical to the success of any business and they show up in many different roles including employees, customers, shareholders, suppliers, partners, regulators, etc. The businesses that achieve the greatest success are those that place a very high value on business relationships and have a strategy that includes relationship management.It is important to nurture business relationships 365 days per year but the holiday season provides a special opportunity to acknowledge people’s contribution to the business and to say “Thank You!”.Keep the following DOs and DON'Ts in mind as you develop your gift plan for the coming holiday season:DO take action now for this holiday season. If you plan to outsource this activity be selective about who
For your business to succeed—you have to have sales. Understanding who you want to sell to and how well you convert them, will go a long way to building a great business.
Leverage
OK, you understand the inner workings of your business and have raised your sales working with the kinds of clients you love—congratulations. You are well on your way to owning a commercial profitable enterprise that runs without you.
The increase in sales is going to put pressure on internal systems to become more effective and more efficient. This is what the LEVERAGE level is all about. What we are going to accomplish is basically teaching paper how the prime processes run in your business. The benefits of doing this include:
• Owner Saves Time—now, instead of answering each question you are going to be able to reduce your hours as the processes (and decision criteria) are well documented for 75+% of what happens in your business. Your team can make the decisions on your behalf in the same manner you would make them
• New Team Ramps Up Faster—as you bring people into the organization (or move them around within it) they will be able to accomplish their roles faster as there is a proven manual for them to follow. This will save you money on training as it will be quicker and more effective
• Customer Experiences Consistency—one of the largest challenges for a business is consistency as experienced by the customer. Think of a restaurant you found that was great when you went, but not as great when you went back with your friends. Inconsistency can kill a business as customers do not come back—and don’t tell you why. The LEVERAGE level allows you to build a repeatable experience for your customers that will turn them into raving fans who will actually help you build your business.
Entrepreneurs start business for a variety of reasons – more time, more money, leaving a legacy, etc. I have yet to run into an entrepreneur who started a business because they wanted more stress, less money and more work.
By following the Six Steps, and building a business correctly, an entrepreneur can truly have a Commercial Profitable Enterprise that Works Without Them.
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