Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

What Makes a Business Successful?


Published on

Beginning in Business series: What makes a business successful? Accompanying PDF is Paper 1.07.

Published in: Business, News & Politics
  • Be the first to comment

What Makes a Business Successful?

  1. 1. BEGINNING IN BUSINESS<br />What Makes A Business Successful?<br />
  2. 2. 1. High Failure Rate<br />First 5 years – four out of five fail<br />Next 5 years – around 80%<br />Success over 10 years – about 4%<br /><br />
  3. 3. 2. Characteristics Of Successful People<br />Keep on knocking<br />Don’t take failure personally<br />Develop vision – be different!<br />Develop action:<br />Persistence<br />Belief<br />Vision<br />Action<br />You only have to get one of these right to be more successful than most other people<br /><br />
  4. 4. 3. Develop A Mission Statement<br /><br />
  5. 5. Your disadvantages are the same as that of your competitors<br />Disadvantages into unique selling propositions<br />Strategies to overcome disadvantages<br /><br />4. List Your Disadvantages<br />
  6. 6. 5. Prepare A Written System<br />Reproduce excellence on every occasion<br />Not just occasionally!<br /><br />
  7. 7. 6. Planning Is Essential<br />Plans for business are the same as maps for tourists<br /><br />
  8. 8.<br />7. Know Your Market<br />
  9. 9. 8. Marketing Plan<br />Determine sales targets<br />Demographics of your customers<br />Targets<br />Marketing Strategies<br /><br />
  10. 10. Event opportunities:<br />Christmas<br />Easter<br />Local Shows<br />Field Days<br />Valentines Day<br /><br />8. Marketing Plan cont’d ....<br />Anzac Day<br />Local event celebrations<br />The business’s birthday<br />Sporting Events<br />Race Days<br />
  11. 11. SWOT Analysis<br />Product or services<br />Suppliers<br />Competitors<br />Customers<br />Market<br />Marketing Plan<br />Staff<br />Staff Training<br /><br />9. Business Plan<br />Management<br />Management Meetings<br />Capital Expenditure<br />Profit Target<br />Budgets<br />Cashflow Forecasts<br />Contingency Plan<br />Risk Analysis<br />Check List<br />
  12. 12.<br />10. Succession Plan<br />
  13. 13. 11. Do Your Homework On Your Customers<br />Demographics<br />Live/work<br />Why do business with you?<br />Differentiate from your competitors<br /><br />
  14. 14. 13. Create A “Professional” Approach<br />System for standard answers<br /><br />12. Install An Effective Telephone System<br />
  15. 15. 14. Create A System For Creation Of Word Of Mouth Referrals<br />“New Customer Systems”<br />Make them feel welcome<br />Unique selling proposition<br /><br />
  16. 16. Why do business with you?<br />Different?<br />Experienced?<br />Stock?<br />After sales service?<br />Technical knowledge?<br /><br />15. What Is Your Unique Selling Proposition?<br />
  17. 17. Delivery?<br />Add “real” value?<br />System for handling of word of mouth referrals?<br />Differentiating your business from competitors<br />Unique selling proposition<br /><br />15. What Is Your Unique Selling Proposition? cont&apos;d....<br />
  18. 18. 16. Try And Get Customers To Say WOW!<br />Follow up<br />Guarantee<br />Special equipment for tradespersons<br />Create a “WOW” climate<br /><br />
  19. 19. 17. Why Would People Do Business With You?<br />Can’t take customers for granted<br />Test, Test, Test!<br />Testimonials<br /><br />
  20. 20. Feedback<br />How can we improve?<br />What else can we do?<br />How do we compare to competitors?<br />Where are our competitors better?<br /><br />18. Establish A Customers’ Advisory Committee<br />
  21. 21. 19. Build Personal Contacts<br />Niche markets<br />Create close relationships<br />Contact six times per annum<br /><br />
  22. 22. 20. Show Them That You Care<br />Get closer to customers<br />Use database<br />Are you doing it?<br /><br />
  23. 23. Unique experience<br />Referral must match the experience<br /><br />21. Remember The Power Of Word Of Mouth<br />
  24. 24. 22. Develop A Loyalty Ladder<br />Viewers<br />Prospects<br />Customers<br />Clients<br />Advocates<br />This does not happen by accident<br />Viewers should be VIP’s<br /><br />
  25. 25. 23. People Want You To Lead And Educate<br />In your product or service<br />To spend money<br /><br />
  26. 26. 24. Know Your Target Market<br />With a passion<br />Empathy with your target market<br />“Walk in their shoes”<br />What turns them on?<br />Know thy market! <br /><br />
  27. 27. 25. Think Like The Customer<br />Not like the business owner<br />Customers Advisory Committee<br />“WOW” experience<br /><br />
  28. 28. 26. Avoid The Curse Of Assumption<br />Don’t know everything<br />Continually communicate<br />Think of you<br /><br />
  29. 29. 27. Instil A Belief That You Can Be Trusted<br />Deal with people you can trust<br />Add value<br /><br />
  30. 30. Perceived added value<br /><br />28. Price – From The Customer’s Point Of View<br />
  31. 31. 29. Trust Is Important<br />Tell the truth<br /><br />
  32. 32. 30. Employ Dedicated Staff<br />Your staff control how much money you make<br /><br />
  33. 33. 31. Get The Best Staff<br />Not that much extra cost<br />Difference between success and failure<br />“Director of First Impressions”<br />Uniforms<br /><br />
  34. 34. Staff input<br />“Can do”<br />Bottom line profitability<br /><br />32. Embrace Staff Training<br />
  35. 35. Deliberate system<br />Training<br />Staff aware<br /><br />33. Encourage Up-Selling And Cross-Selling<br />
  36. 36. 34. You Must Have Self Belief<br />Leadership<br />Self Belief<br />Winner’s attitude<br /><br />
  37. 37. 35. Understand The Leader’s Role<br />Coach, facilitator, mentor, planner and leader<br />Cheer leader<br />“Football coach”<br /><br />
  38. 38. 36. CEO’s Role<br />Customer gets the very best<br />Staff are adequately trained<br />Properly planned<br />Bottom line profitability<br /><br />
  39. 39. 37. Don’t Be Afraid To Make Mistakes<br />Mistakes are your best friend<br />Learn from experiences<br /><br />
  40. 40. 38. Find Something Positive In Everything You Do<br />Work hard, play hard and enjoy life<br />Relaxation<br />Holiday<br /><br />
  41. 41. 39. Continually Learn<br />Reading business magazines, newspapers and books<br />Ongoing education<br /><br />
  42. 42. Initial planning<br />Adequate systems<br />Give your customers a WOW! experience<br />Capable staff<br />Performing as leader, coach, motivator and cheer leader<br /><br />40. Attitude For Business Success<br />