According to the Small Business Administration, of the 22 million non-employer businesses only about 11 percent ever make six figures. To earn six figures in a year, you need to earn $8,333.33 a month or $1,923.07 a week. And more importantly, you have to have a clear and concise plan of how you’re going to generate that new revenue each week (and month) in your business.
Posted on 19th March 2015 in Business Growth.
Starting and running a successful business is no mean feat! It takes determination, tenacity and resilience, but more importantly, it takes the ability to learn from others and take heed of advice.
Starting a new business is like beginning a new journey. You have to have your route mapped, your itinerary planned and your bag wisely packed. But it isn’t as easy as just setting off. You need to be prepared, lay your foundations and make sure your project has all the qualities of a keeper before you start out.
Posted on 16th March 2015 in Business Growth.
Forget what you’ve heard; there’s no such thing as a self-made millionaire. Sure, it sounds nice, but think about it. If you could become a millionaire all by yourself, wouldn’t everybody be one?
Do you have the courage to confront your fears? If you don’t they will subconsciously influence your decisions and actions. These five fears are particularly important to acknowledge if you want to succeed with continuous improvement:
Posted on 11th March 2015 in Business Growth.
Here are the key pitfalls to avoid in the crucial first year of starting out:
Go with what you know
This point is vital for establishing industry credibility and leadership in the start-up space. Having a unique value proposition is just not enough in a competitive sector. You need to have a product that stands out and an independent marketing approach; you need to identify channels that you can capture and scale. If you can tick all those boxes then you have a good chance.
For many working parents, owning a franchise business can be an attractive option; especially for those looking for a greater work/life balance and the flexibility of juggling family commitments alongside an independent and rewarding career. Taking on a reputable franchise business can also provide a great solution for those who have the passion and desire to run their own business but don’t want the associated risks of starting a new, unestablished venture (an understandable consideration for families with young children).
Waitrose recently implemented changes to its much-loved ‘free hot drink’ loyalty scheme, creating a great deal of discussion in the industry. This is an example of a loyalty scheme that has attracted a lot of attention — especially around its level of success, impact on profits and customer satisfaction. Some have argued the supermarket chain failed to incorporate any mechanisms in the planning stage, to prevent the programme being abused by newly acquired customers, while others claimed the values and culture of its current customer base have been neglected.
In the United States, organisations nationwide have been celebrating the first Friday in March as Employee Appreciation Day since 1995, thanks to the pioneering work of Bob Nelson, an employee engagement guru and proponent of the power of recognition. Brits deserve recognition too – it’s time for a new national holiday to recognise all the contributions British workers make to the economy.
Businesses of any size should be looking to keeps costs low, but SMEs and start-ups in particular should take a particular interest in reducing their outgoing finances. This doesn’t mean lowering standards or competitiveness however, as there are plenty of options for businesses to stretch the pounds whilst still remaining relevant in the marketplace.
I don’t think there is any argument that keeping a customer happy and providing the best possible service will provide for a fruitful and long-term relationship. It goes without saying that it’s generally easier to sustain existing relationships and keep customers happy that to attract new customers.
However, the perception of ‘Customer is King’ is fraught with danger for service providers and customers alike, and should not be confused with ‘Providing good Customer Service’.
Let me explain with 5 examples.
Posted on 4th March 2015 in Business Growth.
This is an important time of year for me – the 6 Nations championship which gives bragging rights in the northern hemisphere for the next 12 months (the World Cup and Autumn series being far less important platforms for lording it over people because most of their supporters don’t live alongside us).