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What Makes a Business Successful?

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

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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 />www.lewistaxation.com.au<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 />www.lewistaxation.com.au<br />
  4. 4. 3. Develop A Mission Statement<br />www.lewistaxation.com.au<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 />www.lewistaxation.com.au<br />4. List Your Disadvantages<br />
  6. 6. 5. Prepare A Written System<br />Reproduce excellence on every occasion<br />Not just occasionally!<br />www.lewistaxation.com.au<br />
  7. 7. 6. Planning Is Essential<br />Plans for business are the same as maps for tourists<br />www.lewistaxation.com.au<br />
  8. 8. www.lewistaxation.com.au<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 />www.lewistaxation.com.au<br />
  10. 10. Event opportunities:<br />Christmas<br />Easter<br />Local Shows<br />Field Days<br />Valentines Day<br />www.lewistaxation.com.au<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 />www.lewistaxation.com.au<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. www.lewistaxation.com.au<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 />www.lewistaxation.com.au<br />
  14. 14. 13. Create A “Professional” Approach<br />System for standard answers<br />www.lewistaxation.com.au<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 />www.lewistaxation.com.au<br />
  16. 16. Why do business with you?<br />Different?<br />Experienced?<br />Stock?<br />After sales service?<br />Technical knowledge?<br />www.lewistaxation.com.au<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 />www.lewistaxation.com.au<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 />www.lewistaxation.com.au<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 />www.lewistaxation.com.au<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 />www.lewistaxation.com.au<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 />www.lewistaxation.com.au<br />
  22. 22. 20. Show Them That You Care<br />Get closer to customers<br />Use database<br />Are you doing it?<br />www.lewistaxation.com.au<br />
  23. 23. Unique experience<br />Referral must match the experience<br />www.lewistaxation.com.au<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 />www.lewistaxation.com.au<br />
  25. 25. 23. People Want You To Lead And Educate<br />In your product or service<br />To spend money<br />www.lewistaxation.com.au<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 />www.lewistaxation.com.au<br />
  27. 27. 25. Think Like The Customer<br />Not like the business owner<br />Customers Advisory Committee<br />“WOW” experience<br />www.lewistaxation.com.au<br />
  28. 28. 26. Avoid The Curse Of Assumption<br />Don’t know everything<br />Continually communicate<br />Think of you<br />www.lewistaxation.com.au<br />
  29. 29. 27. Instil A Belief That You Can Be Trusted<br />Deal with people you can trust<br />Add value<br />www.lewistaxation.com.au<br />
  30. 30. Perceived added value<br />www.lewistaxation.com.au<br />28. Price – From The Customer’s Point Of View<br />
  31. 31. 29. Trust Is Important<br />Tell the truth<br />www.lewistaxation.com.au<br />
  32. 32. 30. Employ Dedicated Staff<br />Your staff control how much money you make<br />www.lewistaxation.com.au<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 />www.lewistaxation.com.au<br />
  34. 34. Staff input<br />“Can do”<br />Bottom line profitability<br />www.lewistaxation.com.au<br />32. Embrace Staff Training<br />
  35. 35. Deliberate system<br />Training<br />Staff aware<br />www.lewistaxation.com.au<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 />www.lewistaxation.com.au<br />
  37. 37. 35. Understand The Leader’s Role<br />Coach, facilitator, mentor, planner and leader<br />Cheer leader<br />“Football coach”<br />www.lewistaxation.com.au<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 />www.lewistaxation.com.au<br />
  39. 39. 37. Don’t Be Afraid To Make Mistakes<br />Mistakes are your best friend<br />Learn from experiences<br />www.lewistaxation.com.au<br />
  40. 40. 38. Find Something Positive In Everything You Do<br />Work hard, play hard and enjoy life<br />Relaxation<br />Holiday<br />www.lewistaxation.com.au<br />
  41. 41. 39. Continually Learn<br />Reading business magazines, newspapers and books<br />Ongoing education<br />www.lewistaxation.com.au<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 />www.lewistaxation.com.au<br />40. Attitude For Business Success<br />

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