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Top 2 Tips... |
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Write a one page business plan. This is for you to read every day to ensure you are focused on selling the right thing, to the right people at the right price, not easy to produce but an amazing tool. | ||
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Make sure your website is up to date. Research shows that people reject brands whose website is out of date more than if you have no website at all! Ideally update your website every day or week. | ||
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Be absolutely clear what your business is about and what you offer your prospects and customers.
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Be absolutely clear that when you franchise, you are now the owner and manager of a completely new kind of business; your customers are the people who have bought your flat-packed business - and your job is to make sure that they are as successful as possible.
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Never be afraid to ask for help, and never be afraid to give help to others.
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Take time to look after you. | ||
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Be creative and innovative.
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Marketing, Marketing, Marketing | ||
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“Cash is King” regularly review the company’s cash position and try to evenly spread your expenditure throughout the month. | ||
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Record where your new business comes from to see which marketing and networking is paying for itself | ||
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Work out your Critical Resource - the one thing that stops you growing. It varies for each business (e.g. chargeable hours, no. of covers), and over time. | ||
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Calculate your Value Added for the Critical Resource (VA/CR). This is your key to improving profitability. It is Target Gross Profit by the units of the Critical Resource (whatever they are). | ||
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If saving data files to USB device and carrying it with you, make sure the data is secure jut in case you should misplace or lose the device. Allowing individuals personal data or confidential data to fall into the hands of others is a data protection issue taken seriously!
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If upset or offended by an email from an individual or company do not hit the reply button and respond immediately. The true perception may not always be what you first interpret. Read the email again later and consider the content carefully, then call the sender rather than email.
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Meet influential people, who can help your business: from officials in local authorities to business experts sharing their knowledge; to potential customers.
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Get involved, | ||
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Make sure that the business can show increasing profits. Consistent growth in profits and sales will help to attract interested buyers. Above average performance when compared to the rest of your market will be looked upon favourably.
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Make sure that all employees are tied to their contracts with no-poaching clauses and restrictive covenants, where appropriate. Buyers want to know that the business greatest assets (the staff) will stick around after the sale is complete | ||
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Revisit your goals; have a clear set of goals, these may have changed from when you started or grew the business, or there maybe additional factors to consider now.
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Know the right people; make sure you can obtain introductions to the right players in the market to facilities the further growth of the business and have the right strategies in place for exit.
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Do you need to network with Owners, Directors, Partners and Managers? | ||
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Do you want to be part of a community that recognises you and your business as a trusted professional organisation?
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Don’t look to sell anything to anyone.
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Be interested in other people.
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Be clear on what it is you want to improve; set goals or objectives before you start and establish measures to identify if your change is an improvement.
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Ask your staff what they need, listen to them, provide and deliver what is needed. If it works keep doing it. If it doesn’t try something else.
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Storing paper and files is expensive; reduce your ongoing costs by scanning to digital format | ||
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Find out what your clients views are, mail surveys show areas that need improvement. | ||
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Assess your needs for office space; what is important to you? Image/Flexibility/Reliability/Price?
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Plan for company growth; can the provider assist you with space needed and pricing in line with your budgets | ||
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Keep it simple; it is easy to get carried away with the latest technology. This can be both expensive and unnecessary in the early days.
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Be clear about the financial side of things. Be prepared to pay a deposit with your order. Confirm the payment terms in advance. Ask if payment plans are available.
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Human Enterprise |
Foster a “Can-do” working culture that is positive, constructive and engaging; not dispiriting or destructive.
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Link performance to financial results using performance management and appropriate remuneration as tools. | ||
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Keep your business & personal affairs in good order.
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Running your business should be fun; make sure your customers & suppliers enjoy dealing with you. | ||
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Have confidence in your product or service; know that it is saleable. | ||
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Ask questions and listen to the answers; your business will only improve if you keep learning. Use this skill to find new/further selling and purchasing capacity. | ||
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Differentiate yourself; find innovative ways to add value and exceed client expectations. | ||
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Swap shoes; put yourself in the client’s place, know what they are really looking for.
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Build a network of at least 500+ connections.
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Understand who are the members of each of the groups and identify any that might be useful to your business. | ||
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You should always have a business plan. Remember to keep this updated as it can be an invaluable tool to your business and your trusted business advisors as you grow. | ||
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Always look at a range of options when considering banking & finance. | ||
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Learn To listen. It’s absolutely essential to take time to listen to the conversation online. We like to use the “dinner party” analogy. You wouldn’t walk into the middle of a dinner party and start shouting about topics that only you want to discuss. You would introduce yourself, listen to people and then join the conversations.
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Start a Blog. Once companies have taken the time to listen to the online conversation and build relationships with digital influencers, they often find that starting their own blog is the most effective way to participate in that conversation and engage key audiences.
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Running your own business can be stressful and all consuming, allow yourself time to interests and activities that clear your head and warm your heart.
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Know your strengths and how they will help you to succeed.
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Think about your financial objectives. | ||
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Regularly review your objectives and achievements.
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Act fairly and consistently.
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Listen to your employees and any concerns day may have. | ||
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Focus on your customers; who are they, where will you find them and why will they want to buy from you?
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Do a SWOT analysis; list your strengths, weakness, opportunities and threats. Look at the idea from all angles.
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Take care with your branding; a unique well designed branding will help you stand out from your competitors. | ||
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Pay attention to your marketing plan; you need a number of routes to market.
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Have a plan and write it down. Review it regularly to keep on track. | ||
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Be proud, confident and passionate about what you do.
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Turn off all lights, computers, monitors and any other equipment when rooms are not being used, particularly at the weekend. | ||
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Smile and say thank you to staff more often to boost morale. An engaged and motivated workforce will result in less absenteeism and more productivity. | ||
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Getting into business with Network Marketing |
Develop supportive collaborative relationships with people at all levels | |
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Have a realistic budget and stick to it | ||
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Allow enough time to have the job ready - don’t leave it to the last minute | ||
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Stop selling and start understanding your prospects - their needs, their values, the problems they need to solve.
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Improve your listening skills - forget about what you think you might sell, just listen out for what they want to buy. | ||
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Know what is going on in your business | ||
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Stop unnecessary duplication of activities | |
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Investigate and if able, choose an accountant before you start your business | ||
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Ensure you are clear on how to keep your own records
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Ask for feedback from your clients and enquirers on their experiences with you and your business. Never be shy to ask for a testimonial | ||
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Get a good mentor on board |
