“ 4 Ways to Listening in Business Amid a Pandemic ”
Small Business Coaching - Business Growth
Let’s face it. Research tells us that you can’t build trust with your customers if you aren’t listening in business. It is even more true amid a pandemic. Most people now are already preoccupied. Their minds stuck on their business future. They want to be able to forecast. The want the map that shows them how to go from no business to soaring business.
Listening in business not only could build trust but also make customers want to open up to you. They could reveal their challenges. That could help you build the bridge in this relationship.
But how do you practice listening well. Now, you’re listening. It’s about building a skill, where most of us have to shift our minds and focus. It should be squarely on the customer.
Here are 4 ways you could listen.
1) Value the customer
When you begin to notice where the customer is when you start the journey, you will find out what affects them. Compliment them for their efforts until that point. That makes customers feel you value them. I must admit here. Most people aren’t always willing to open up. That’s when you start the conversation with a question. I would ask something like, “What’s important to you in a blank? That blank could be the service or product you offer.
2) Speak 1/3rds of the time
This looks difficult but it really is easy. It is about learning to ask the right questions. It’s about improving listening skills. When you do, you are not only making the customer feel important but also discovering more about what they seek. You could then fill their need using your product or service.
When you find yourself spending more time talking, stop and ask another question. That way you would end up speaking about 1/3rds of the time. It does take practice. But you will get there. And it will pay you back big time when you do.
3) Listen between the lines
Let’s face it. We are all a result of our environment. We discover how to distort, delete and generalize every piece of information that flows through our ears. That’s just how we are. If you really want to know why someone does not want your product or service, you have to probe under the surface. You have to peel the orange.
The other day I had someone tell me that he did not need the kind of service that I offered when I explained that I offer profitability coaching. I had to stop and ask what he meant. So I probed: “I don’t mean to be on your back. But what specifically about this service makes you say that.”.
That opened up another conversation where I was able to dig more and find out the real reason why they did not need a coach at this time.
4) Build common ground and repeat key words
Have you ever talked with someone where you focused on what’s common right from the start? That’s what makes the difference. Your task in building rapport is to emphasize how you have common tastes or common experiences as the customer.
Second, notice how your customer uses key words or metaphors to vividly describe a particular experience. It could be about their journey or even a product that they previously bought.
One useful question is: “When did you last buy a product or service that you really enjoyed. What did you feel that made you like it so much.”
In the answer to this question, you will find what makes this customer buy. Then you could use an analogy to show how your service or product could achieve the same result. Now, use the exact key words they used to describe their experience.
There you have it. Use these 4 ways to listen more and get your sales soaring – even amid a pandemic.
Written by Suresh Iyengar, P.E., President, Business Unit Execution LLC––if you ever wanted to get ahead in starting your business, running your business or growing your business then invest in a business coach in Houston, and set up your FREE Explosive Business Results phone call. CLICK HERE.
“ 4 Reasons to Use Storytelling in Business ”
Small Business Coaching - Business Growth
Storytelling works. That’s the verdict. Research suggests that compelling stories sell. They could not only alter how customers feel but also attach more value to your offers.
Storytelling in Business is not the same as personal stories. They have a definite purpose. They move customers to action. However, you may already know that for this to happen, your story must be compelling and authentic, where you connect with customers at their deepest level of desire. It could be to solve an existing issue. It could be to erase waste. It could be to even transform their business. Every business challenge has its own set of desires. For storytelling in business to work, you have to strike where it really connects. That’s when it works well.
Let’s get down to the 4 reasons that inspire people to act. In our case, we want our customers to buy our goods and services, don’t we? Then let’s follow along. Maybe, you’ll dream of new ways to expand your business.
1) Make The USP More Effective
By now, you might be asking what is a USP? A USP or unique selling point is a compelling reason for customers to buy from you and not your competitors, not because you are superior but because you are different. Then how do stories help? Here’s how they do.
Stories could paint a vivid picture. They could help your future customers visualize themselves working with you. They could tell them why you are different through the story. They could even place the customer as the protagonist in the story. And help them notice how they benefit from the rich experience they get from your services. That will inspire them to act. Isn’t that what you want?
2) Strengthen Customer Relationships
When you tell a story, customers carry it with them. Through their journey, they now spread it to their followers. This could lead to more awareness. That could eventually turn to more sales. And it could even create fierce loyalty. Why? Because the story plays over and over again–like a replay on a recorder. Now, that’s some reason to stoke your curiosity.
3) Generate Leads
When you unfold your success story, where previous clients climbed up to their highest potential, you open the door to new prospects. You welcome them. Your website could have signup forms following the story. That could be helping the prospect easily go through their journey. It’s really as simple as that.
4) Transformational Change
Making changes in any business is hard enough. Making changes and getting others to accept those changes is even harder. Your employees could resist. Your suppliers could cringe. However, through stories, you could explain why you need to change. And go on further to explain what the change will bring. And how you will implement that change.
Although you might find more reasons why stories attract customers and more sales, they will eventually find a comfortable place in any business.
Written by Suresh Iyengar, P.E., President, Business Unit Execution LLC––if you ever wanted to get ahead in starting your business, running your business or growing your business then invest in a business coach in Houston, and set up your FREE Explosive Business Results phone call. CLICK HERE.
“ How a Skeptical Owner Achieved 3X Business Growth after Hiring a Business Coach ”
Small Business Coaching - Business Growth
There’s an old saying that business advice is worth more for what it can do for you than what you pay for it. I thought most people saw this coming. But I was wrong.
At least I was wrong about one business owner who remained skeptical. He wanted to grow his business profits. He had the intent. He did not lack confidence either. But he suffered from extreme skepticism.
As you might already know, he wasn’t alone. This happens to the best of us. Every business owner wants to make the business profitable. Yet they don’t pause for advice.
When I approached him, he did not want to yield. He did not want to listen, even for useful advice. Somehow, he believed deep inside that he would lose control. That’s why the beginning of change came from changing his beliefs so we could transform his business. We did it together.
Here are the 3 things that happened rocketing business growth for this business.
1) Delegation Plan
Each time the phone rang, the business owner picked it up. He answered questions. He talked to the caller more than he needed to. This continued with each caller each day. That left fewer hours for the owner to deliver installation services. Work that produced real sales fell like a stone.
Together, we changed course. We had to change the status quo. We made a list of current tasks. Then, we screened the ones that did not produce revenue. Next, the owner advertised for an office administrator–– and delegated all the non-revenue work. This freed up his time. He could now work on sales and deliver orders. Customers acknowledged the service and rewarded the business through 5-star reviews on Google. This paved the way for even more sales.
2) Unique Selling Point or USP
In our story, this business did not have a unique selling point or USP. They desperately needed one. Why? Because, it forms a compelling reason for businesses to work with you and not your competitors. Before the USP, proposals weren’t attractive.
They looked pricey. Customers questioned them. They blocked orders, refusing to buy. This frustrated the owner. We had to make another change.
We worked hard to define a clear USP. It took 11 steps. Suddenly perceptions changed. We added it to each proposal making it even more attractive. Customers now leaped forward to sign agreements. Soon, profits jumped. This not only helped in growing the business but also lowered the pressure on sales. The business had now reached a major turning point. This is how we demonstrated the power of the USP.
3) Key Performance Indicators (KPI)
Next, we tackled employee performance. Adding an employee was easy. Yet, making them productive was another story.
But with the help key performance indicators or KPIs, we were able to show individual results. Each employee had their own KPIs. This helped them know how they did. And how their work helped the business make profits.
We installed a daily report. Each day, each employee sent their KPIs to the owner. He could see how they made spectacular progress.
These were only 3 simple ways that this business carried out plans and the owner could grow the company 3 times its revenue––beginning from 1X in January and ending with 3X in December.
With further business coaching, even amid a Pandemic, this business is still flourishing while adding more employees and more business growth.
Written by Suresh Iyengar, P.E., President, Business Unit Execution LLC––if you ever wanted to get ahead in starting your business, running your business or growing your business then invest in a business coach in Houston, and set up your FREE Explosive Business Results phone call. CLICK HERE.
“ 3 Ways a Management Consultant Could Rescue a Business Unit ”
Small Business Coaching - Management Consulting
Over my 20 years in the industry, I have come across 3 trends in management consulting. Many business leaders question the need to hire a management consultant. Some resist. Others feel they have no budget. You discover soon that their business isn’t producing results. You look closer and find out they have tried every tactic.
Nothing has worked. Yet, no one thinks of looking outside. Does that sound like a story you have heard before?
That brings us here. What could a management consultant do? What part of the business could change? To answer that question, I’d like to highlight 3 areas, where management consulting does what a business unit could find difficult to do––at least without objective advice or support.
1) Solve Complex Issues
When business units underperform, there could be plenty of reasons. It not only touches your business strategy but also your business reporting layout and culture.
If you look closer, you find out that most often it is the delicate neck that connects the head with the body––your business strategy with everything you call “carrying out the work”. That’s what breaks. That’s what research shows.
And that’s why you need a separate view––one that digs deeper not only into the work people do, but how they decide and how they rank their work.
2) Remove blind spots in team communications
When people communicate in a team, you are talking about culture. It is not only what they write but also how they think about what they want to write. It is how thinking turns into speech.
Do you speak before or after you know the other person’s style of communication? And how do you discover other people’s styles and preferences when it comes to expression.
That’s where a management consultant could add a team workshop to iron out barriers and give a fresh approach to talk to anyone.
3) Industry Strategy
Some business units are still working in the past. I mean they are using plans that have either changed or transformed. If you look at what the current pandemic has done in ways of disrupting the market, I’m sure you’ll agree. Yet, it has also created new markets, where virtual teams thrive.
This is where a management consultant could help in building plans. That in turn will clearly help you build a repeatable procedure. Isn’t that what you want?
When you are ready to weave in a management consultant while freeing up your people focusing on what you do best, then you are ready for the next step.
As you move forward in hiring for management consulting services, you might find your business improving in ways that allow you to easily grow and there is nothing that could stop you––not even a pandemic!
Written by Suresh Iyengar, P.E., President, Business Unit Execution LLC––if you ever wanted to get ahead in starting your business, running your business or growing your business then invest in a management consultant in Houston, and set up your FREE Explosive Business Results phone call. CLICK HERE.
“5 Steps You Could Take in Growing Your Business Even When Others Shrink”
Small Business Coaching - Growing Your Business
Have you tried everything you could only to come up short in growing your business? Has the pandemic affected every nerve of your business? You’re not alone when you feel this way. You have company.
Many businesses find themselves unable to see the fast funding. It doesn’t seem so fast any more. Others feel that their customers have left them hanging by the thread. Can you blame them? Maybe not.
Whether you couldn’t bump up your efforts or whether customers fled, you have in your hands the best choice for your business.
In this time, finding new incomes is not only your choice, but it is the only choice. It makes sense when you want to stay in business. That is why I’d like to suggest these 5 ways to creatively re-build your business––brick by brick.
1) Find the basic need
Just as you begin to feel that customers have no money to spend, you discover there is still disposable income out there. It is for you to find it. Check your service and re-align it to the most pressing need of this hour. Ask yourself: What would customers need now? And how is my service or offer filling that need? Once you get the answer, re-package your services. You will get traction. Your customers will connect with you. You’ve just discovered their basic need.
2) Craft longer agreements
When you find yourself in a pandemic, one has to expect that spending would shift. It will go toward essential items. That pummels most industries. Exclude healthcare, medical or even media. You would find it harder to sell your goods and services in most non-essential groups. That’s how it is now.
What could we do then to not only continue but survive and still thrive?
You might be better off in offering big discounts to customers who sign up for the longer term. Simplify these agreements. You could work with existing or future clients. This would allow you to collect monthly services or sell goods with an up-front charge. The more steps you take to extend terms, the more you’d boost your cash flow. And when the economy recovers, you will find yourself recovering sooner than later. Who wouldn’t want that?
3) Follow the spending trail
Even when the economy is reeling under a pandemic, people will find ways to spend. If people are spending on goods online, you could get online as well. If you did not have a website with e-commerce, here is your chance for growing your business. Get creative. Build that online store. Invest now so it pays you back sooner than later.
Find out what people will need when they want to recover faster. Then fill that need by repackaging your services or goods. In doing so, you would be creating a want that did not previously exist.
4) Change business model
When you see how automakers started producing masks, ventilators and PPE equipment using car making machines, it is obvious they had to adapt.
You have to do the same.
That could happen when you change your services to cater to a new audience amid a pandemic. Changing the business model could mean changing services or goods to offer relief. Relief to people who are desperately needing help. You could relabel your goods and adjust them to serve a newer purpose. That will get you ahead not only in building rapport but creating a new breed of loyal customers when the economy returns.
5) Re-invent your procedures
Now is the time for review. See how you have been working in delivering goods and services. Do you have a Customer Relationship Method? It’s called CRM. If you don’t, you could inexpensively set one up. If you did not do e-mail marketing previously, you could now set that up to nurture your customers periodically. You will save time and money building that trust. The same trust that seemed so elusive before. And that’s exactly what you want, isn’t it?
Taking these steps will keep you a step ahead of the pandemic. And who knows you might even prosper and thrive when other businesses barely just survive.
Want even faster results? Are you ready to discover how? Call 281.410.5375 to grow your small business.
Written by Suresh Iyengar, P.E., President, Business Unit Execution LLC––“Explosive Business Coaching Houston Results For Small Business”. Want even faster results? Are you ready to discover how? Call 281.410.5375 and speak to your Profitability Coach Houston
“ How To Prospect in Business in The Midst of a World Pandemic ”
Small Business Coaching - Prospect in Business
Can any business survive without sales? You may already know the answer to that question. To have sales, you have to prospect in business.
That is why you need prospecting. But what is it?
It is the bus that transports customers to your door. Since any bus needs upkeep, you will need to refine your prospecting methods. And uphold them.
A restaurant on a freeway attracts hungry customers.
Prospecting in business is identical. You are serving customers who are at least half way interested in your menu. Otherwise, you will drive them away. And they will never return.
In the digital world, we call it the bounce rate. It is the exit rate – the rate at which people leave your site.
One could call a warm lead a prospect in business. It is someone who is at least half way interested in your offer. You could also do the opposite way, where a prospect is a warm lead.
However a cold lead is one who has no idea about your service or offer. Yet, you could’ve marked them as having some interest. That’s what compels you to reach out to them.
In the current COVID-19 pandemic, digital marketing has taken on new meaning. It is the only surviving method to prospect in business. You could say that at least for the professional services industry.
Even in this milieu, there are 3 main ways you could prospect.
1) Inbound Marketing
In this method, you draw customers to you. You don’t go out to customers. One may achieve that by building strong content that matches the potential buyer.
Carve out your buyer profile. That means identifying buyers.
Use surveys. Capture the words buyers use to describe their buying decision. Then use the same words in building content for other similar buyers. Vicariously place them on the same journey. It will give you the best road to improving your site content.
2) Outbound Marketing
Here you are reaching out to potential buyers through email.
Cold emails are effective when you offer value.
For example, you could give away a report or eBook you’ve written that helps prospects during this COVID-19 phase. It could be a way for others to could get financial relief. This step offers your customers more value in growing their business. In exchange you will build rapport with them.
3) Networking and Referrals
Referrals are the best way to get new clients. Drop the referrer’s name in your chat. Research shows that it is 10X simpler to get clients through referrals because of your previous client. You no longer have to warm them up to you. It’s done for you.
Finally, use networking. Even if it means using virtual conferences, it works. Such methods will broadcast your services.
Eventually, your prospecting in business will produce momentum. Sooner than later you will find more prospects through certain networks than others.
Written by Suresh Iyengar, P.E., President, Business Unit Execution LLC––if you ever wanted to get ahead in starting your business, running your business or growing your business without spending thousands of dollars on a business consultant in Houston, set up your FREE Explosive Business Results phone call. CLICK HERE.
“ How To Grow Your Business Even if The Economy Shrinks Tenfold ”
Small Business Coaching - Small Business Growth in a Shrinking Economy
Small businesses panic in a crisis. And the coronavirus crisis is no ordinary crisis. It has paralyzed continents. People are stuck indoors. Life has come to a standstill.
As you may also know that during this pandemic, you would be better off serving your employees rather than focus on other parts of the business. So, if there is any way you could repurpose your business, you could get ahead.
Fortunately, business coaching can give you those ideas that you so desperately want for your small business growth––right now.
Here are a few ideas that might help you grow your business quicker.
1) Empower employees
Employees have worked hard for you in good times. Now, it’s time for you to empower them. One way is to allow them to work from home. Give them tasks to work on the business.
This is a better choice than focusing on shaving off labor.
Many brick and mortar businesses had to shift online. Not because they preferred it, but because that is the new norm. If you want to know more on how to focus on employee strengths, check it out on Entrepreneur.
2) Promote customer loyalty
What does that mean? Well, it means keep customers coming back. That could mean deeper discounts. Promote online sales. Use more e-mail. Since customers could be glued to their e-mail inbox, this has a greater chance to catch their attention. And draw them away from the current fear and uncertainty that clouds the world.
Customers will thank you for sending high-value articles––especially ones related to staying safe in this coronavirus crisis. Even if you write on a topic, which is not your primary business, it shows you care.
That empathy sticks. The more it sticks, the more your customers will remember you in good times.
If you want to learn about the new rules of customer loyalty, check it out on Inc magazine.
3) Invest in the business
You know how our instincts treat us in uncertainty. We all want to cut costs so we save for a rainy day ahead. Even if it sounds prudent in the short run, it might short-circuit your business growth. Think long-term.
Ask: What’s going to happen when the economy forges back to normal?
Sow the seeds so you can reap the harvest. The more you have pent up demand the more the opportunity to make up for loss. Create new service offers. Package them differently. Work with your business coach. Find new customer streams. As you do, you will discover new revenue streams.
All of these steps will help you ride out the storm. Isn’t that what every business owner wants now?
Written by Suresh Iyengar, P.E., President, Business Unit Execution LLC––if you ever wanted to get ahead in starting your business, running your business or growing your business without spending thousands of dollars on a business consultant in Houston, set up your FREE Explosive Business Results phone call. CLICK HERE.
“ How To Grow Your Small Business with Marketing Even with Tiny Budgets ”
Small Business Coaching - Small Business Growth with Marketing
“Opportunity is another word for problems.” Anonymous.
Have you ever spent valuable time lowering your fixed costs? Have you taken the best steps to your business growth only to discover there is a bigger issue you have to handle before those steps could be useful? Have you found yourself running around asking for objective advice from an expert on business growth and still come up empty handed? Have you ever wondered if you’d be able to spend less time discovering how to grow your small business with marketing?
Let me assure you that you are not alone. Importantly, imagine how good you will feel when you know the exact steps you need to take at the exact time!
You are probably already aware the most successful businesses are the ones who can service their customers in good times and bad, even right now when we are the centerpiece of Covid-19.
You might find out that you will inure your business––despite the new National Panic Day on 9 March. It won’t mean what it says.
Here are three areas on business growth that could give you a bigger edge.
1) Your Customers
Get to know how customers discover you and your business. It could mean a simple question when you talk with them. Or, it could take a short survey that asks them how they found you. Make sure you give them check boxes with choices. Collect data on them.
Successful businesses make themselves visible. That helps ideal customers find them.
Build a website that appeals to them. Give them a way to fill a simple form to reach you. Better still; offer them a phone number to call you.
Either way, you are already winning when you cleverly use technology. Your customers will thank you if they don’t have to go to Instagram or Pinterest or use Alexa.
2) Your Employees
Start from hiring the best employees. Hire the ones that fit your culture. Have them take an assessment. Once they’re in, train them on tools. Carry out lean methods. Invite them to think openly. Ask them to collaborate. Align them to your strategy. Use tools in Customer Relationship Management or CRM.
Carry out Email-Marketing. Employees will then learn how to nurture customers, follow up and close sales. That will help grow your small business with marketing lowering costs.
Use E-commerce platforms. Productize your offers, even if they are services.
Finally, add better sales methods. Mix it with technology. It will rocket your sales.
3) Your Business
As you may already know, cash flow is oxygen for business growth. What about forecasting your sales? That will help you prepare even when the economy stalls.
What do you do for accounting financials? With an Intuit Proadvisor, LivePlan Expert Advisor and Quickbooks Online, you might be able to combine the best in forecasting and bookkeeping tools. If you want to manage inventory, quickbooks online has even got add-ons to help. You will know what you have, what you need to order so you refill your stock.
Take these 3 steps and the National Panic Day will sound like National Picnic Day to you. Imagine that!
Written by Suresh Iyengar, P.E., President, Business Unit Execution LLC––if you ever wanted to get ahead in starting your business, running your business or growing your business without spending thousands of dollars on a business consultant in Houston, set up your FREE Explosive Business Results phone call. CLICK HERE.
“Top 10 Business Unit Managers on LinkedIn”
Certified Business Unit Manager™
What does it mean when you say you are a Business Unit Manager (business unit manager)? Well, it means you have responsibility for a Business Unit. Then you might ask, “What is a business unit”.
A business unit is a profit center, which focuses on offering goods in a given market. Business units have a separate marketing plan, strategy, sales plan, project management office, R&D, quality, business culture, operations and a competitive landscape, even though they may be part of a larger business entity.
Where do business unit managers come from? Many come from sales, marketing, finance or other leadership backgrounds. However, project managers are equally suited to hold this position in a company.
Since business unit managers could exist in different industries, it is quite difficult to pick just 10 from LinkedIn. However, we have to start somewhere. If you believe that you ought to be on this list, please write to us and we will certainly consider you for our next article.
One of the keys in becoming a business unit manager is to be suitably trained. What that means is to have sufficient skills and competencies in any of the areas such as marketing, sales, finance or project management. This leaves a gap in the industry today. We don’t have many leaders who could claim to have done all of the above.
That is why we have started a program: Certified Business Unit Manager™ to fill this gap in the industry. We would enthusiastically like to present Certified Business Unit Managers at the top of our list. And we’d encourage more and more of you to dream big and join this program. It is not an entitlement but a leadership initiative.
And don’t forget to share this with your friends. Let’s go.
Sridhar Parameswaran
1) Sridhar Parameswaran
Sridhar Parameswaran earned his Certified Business Unit Manager from Business Unit Execution in December 2012. Sridhar brings about twenty-five years of experience in the industry. He has worked in telecommunications, software, manufacturing and others. He has also held a role as Director of Professional Development.
Somesh Chablani
2) Somesh Chablani
Somesh Chablani earned his Certified Business Unit Manager from Business Unit Execution in May 2019. As a senior executive and a sales leader, Somesh has over twenty-five years of experience in the industry. He has been instrumental in customer service, sales leadership and business development.
Quinn Tolbert
3) Quinn Tolbert
As a Business Unit Manager, Quinn Tolbert focuses on providing building owners with traditional and performance-based turnkey facility renovations, improvement projects and consulting services. These services lead to optimizing comfort, increasing operational efficiency and reducing the cost of energy, water and other natural resources.
Adrian Martinez Martinez
4) Adrian Martinez Martinez
With more than 13 years experience, Adrian Martinez contributes to the Oil, Gas and Petrochemical industry. He has worked in Sales, Project Management, Business Development, Corporate Strategy, Project and Process Engineering.
Steven Gregson
5) Steven Gregson
As a Business Unit Manager, Steven Gregson adds to the history of working in the Oil and Energy industry. His skills include Operations Management, Supply Chain Optimization, Demand Planning, E-commerce and Pricing Strategy.
6) Peteris Spels
Peteris Spels is a Business Unit Manager at Eurofins. In his role, he brings business development and sales experience combined with technical skills. As an entrepreneur, he builds and leads new initiatives in product development and other fields.
Charles Geisbert
7) Charles Geisbert
As a Business Unit Manager, Charles Geisbert is a P&L Leader for Eaton's satellite manufacturing organization producing panel boards, switchboards and enclosed circuit breakers. Charles has held other roles in Medium Voltage Control and Drives, Engineering Services and Team Leadership.
Russ Brune
8) Russ Brune
As a Business Unit Manager, Russ Brune adds experience in sales, marketing, business development, and strategic planning in technology-intensive environments. His specialties include VOC, customer segmentation, integrating acquired companies, due diligence, market research, Six Sigma, equipment finance and leasing
Olin Brundy
9) Olin Brundy
With a leadership role as Business Unit General Manager, Olin Bundy ensures effective execution of all activities for the Controls, Power Inverter and Soft Start Business segments. He has full P&L responsibility.
Chris Brewster
10) Chris Brewster
As a Business Unit Manager, Chris Brewster drives results through his strong background in technical sales, sales management and business development. His current role ensures oversight for profit and loss, revenue, new business, new product development and productivity.
Let me know your thoughts in the box below. I’m excited to see how I can help you.
Written by Suresh Iyengar, P.E., President, Business Unit Execution LLC––if you ever wanted to get ahead in starting your business, running your business or growing your business without spending thousands of dollars on a business consultant in Houston, set up your FREE Explosive Business Results phone call. CLICK HERE.
“How to Get over Confusion in Business Growth”
Small Business Coaching Houston
Imagine that you’ve taken a big leap forward in growing your business. And while you have fired up all cylinders to start selling your services and goods, you feel a bit nervous. Further, you might become so nervous over time that you’re not even certain of the steps you plan to take to grow.
Suddenly, you hear your inner voice. It’s now telling you that your marketing strategy sucks. It’s letting you know that your sales methods fall apart. And it is telling you that no one is really going to pay the price you charge for your goods. And if they do they won’t be happy campers.
Sound familiar?
Those voices are normal. Every business owner faces the same doubt and the same struggle, which could cripple your thoughts. So, what are you going to do? While the best cure is instant success in sales, you could also take these actions.
1) Offer Free Trials
If you have goods you could give away, it will help you get opinions or even suggestions on improving them. You will be able to make changes and offer value that customers will find difficult to refuse. That will erase any doubts you have in growing your business.
2) Charge Lower Prices
When you start out, charge lower prices for your services. Split your services showing incremental benefits. That will shift buyers to decide on the benefits they value most. Once you know what sells more, you could revise prices as you see progress. It will give you a stable band to price your goods.
3) Invite referrals
The easiest way to grow a business is to invite your existing customers’ friends. Give out a bonus for any customer who refers you to possible buyers. This will motivate existing clients to look out for your business when they see the opportunity. There’s an old saying that losing an existing customer is equal in effort to going out and getting 10 new customers.
4) Bolster your will to stay
Our mind and the vision we paint for the reasons we started the business fade in time. It is therefore important that we remind ourselves how we add value. And you have to let time take its course so it reaches your future clients. By the way, they will also see the same value that you see. That’s when you’ll really start growing your business.
Want even faster results? Are you ready to discover how? Schedule your Explosive Business Results session now.
Written by Suresh Iyengar, P.E., President, Business Unit Execution LLC––if you ever wanted to get ahead in starting your business, running your business or growing your business without spending thousands of dollars on a business consultant in Houston, set up your FREE Explosive Business Results phone call. CLICK HERE.
“4 Business Mistakes to Avoid When Growing Your Business (Online)”
Small Business Coaching Houston
“No mistakes. No learning” – Anonymous.
If you want to be a thriving business, you are going to want to get as good as you can in offering your goods and services. Do it before you enroll clients. That means mastering everything you can about growing your business. That means developing a plan for helping clients. That means being able to bounce back when you fall. That also means making business mistakes.
Making business mistakes is a growing part of any effort. And while you can’t avoid all business mistakes, there are four that you should avoid as a growing business, because it could pummel your business.
That could happen before the storm arrives. Take cover now.
1) Doing it All Yourself
People that ‘do it all’ actually do little. If you are in marketing, in sales, in operations, in serving customers and a wife and mother (or husband and father) you are going to find that all of your efforts will suffer. Why? It’s because you are trying to do way too much.
Just focus on a few important items. Separate the urgent ones. Do them well.
You will grow your business.
2) Having a Poor Website
Sadly, one of the other major issues that plague businesses is a terrible website. Many business owners want to make their own website. They somehow believe they will save money. Your sister-in-law or college-going lad could patch a website together. But what are you going to get? Poor response. More delay. And on top of that you are going to end with an amateur-looking site.
Your website is going to drive away your visitors. That’s not what you want, is it?
Make sure that you spend time and money making your website sparkle. It is your face you are going to show to the world. You want to look good, don’t you?
3) Not Focusing Much ON The Business
Most people start their businesses and have no time to work on their internal procedures. They work spending all their time on tactical sales. Then they wonder why they can’t grow their business. That does not mean that sales isn’t important – it surely is – but you want to spend just the right time in sales to get you going and invest in building repeatable methods to grow your business.
Hire the right team. Delegate. Build work manuals. Have a strategic plan. That will help you grow faster than just focusing on sales without a vision.
Sales without vision is a car without an engine. You can only go so far.
4) Not Having Money to Start & Grow Your Business
Finally, many business owners go into the business without any nest egg. You need that to build your business. That’s the fuel that ignites your business. You’ll want some money. You are going to want to invest it right back into your business because money makes money.
You’re going to want to save a little to grow your business as well as money you save to have a lifestyle. After all, you can’t run your business forever, right?
Want even faster results? Are you ready to discover how? Schedule your Explosive Business Results session now.
Written by Suresh Iyengar, P.E., President, Business Unit Execution LLC––if you ever wanted to get ahead in starting your business, running your business or growing your business without spending thousands of dollars on a business consultant in Houston, set up your FREE Explosive Business Results phone call. CLICK HERE.
“Never Worry About Bookkeeping Again (Use Fixed Fee Service)”
Small Business Coaching Houston
In previous years, I’ve carried out many plans on business growth. And I’ve learned a few powerful steps that could massively change the face of your business.
Clean financials tops the list because it shapes not just the past, but also the future of your company. We call it bookkeeping. With fixed fee bookkeeping, you can quickly manage your books without the doubt in costs. I’d suggest you to take this path. It will save you hours of hassles.
Daily bookkeeping can tie you to a dashboard. That could help you test the financial health of your business. Such a dashboard can help quickly fund a growing business. As a Certified LivePlan™ Expert Advisor, I help forecasting your cash flow, benchmark your business results, keep you tax ready and organize your business. LivePlan™ connects to your Intuit QuickBooks Online (QBO) account, which is a cloud-based bookkeeping solution. You may already know bookkeeping is common across all industries. So it pays to invest in a fixed fee bookkeeper and reap the rewards. Do it today. You won’t regret it.
1) Want more funding? Manage your books
If you realize keeping your books up-to-date works, you are on your way to get more funds. This will help fuel your business growth. If you slack off, your books may be off and so will your ability to fund your business.
More the months in cleanup, more the errors and potentially flawed data. Whether you keep your books current to make investors happy or you do it to grow your business, you will gain in the end. This is usually a characteristic of successful businesses. Wouldn’t you want that too? I believe you will get more than that if you start now.
2) Want better cash flow? Mange your books
Most business owners who are in their early stages of their business don’t realize cash in the bank does not mean good cash flow. Cash flow is the difference between cash in and cash out of your bank over a certain period––not just at a given moment. What you really want to see is if your bank balance is growing or shrinking over time. Burn rate is simply the measure of how much cash you are using, or “burning,” every month. Checking your burn rate helps. And keeping your books current helps you get the correct burn rate.
In the end, you are going to want to keep your cash flow positive so you don’t run out of cash. However, it is common to see negative cash flow in startups. Be ready, either way.
3) Want more profitability? Manage your books
If you balance your books each month, you will know how profitable you are in your business. If you have the right categories for your expenses and streams of revenue, you can quickly find ways to grow. Such methods are so powerful that I sometimes wonder why people don’t use them–especially when QBO has the tools for you. Joining QBO with LivePlan gives you the edge to lead your market. Most business owners would jump at such an opportunity.
4) Want to be tax ready? Manage your books
QBO has easy views for you to pay your taxes. You will know exactly how much you paid and on what date. Thus, you will know what you owe or pay. Having direct deposits to tax entities is a huge benefit, besides avoiding unnecessary hassles. That’s another advantage to steady bookkeeping. Besides you will save precious time.
5) Want to improve your business value? Manage your books
Are you improving the value of your business each week, each month, each quarter and each year? Having clean financials will ensure you increase value. And it will give you the best view of your business.
You may be able to command the best price using just the Discounted Cash Flow (DCF) method. Just imagine, if you don’t have balanced books, how would your potential buyer know about your business value?
Remember, a buyer is buying the future of your business, not the past. With clean, balanced books available anytime, anywhere, QBO keeps you ready.
Do you do your own bookkeeping? Do you also sell products and services to your market? If that’s true, I’d suggest you focus your time and energy on the latter because it pays to hire a bookkeeper. First, it releases time for you from a task that is not directly producing sales. Second, you could do it affordably using a fixed fee bookkeeper. It just makes sense. Note that tax readiness and accurate bookkeeping do become complex as you grow your business and scale in size. Keep it simple. It will get you further.
If you’re in business today, the first step I’d suggest you take is to hire a fixed fee bookkeeper. As a one-stop service for businesses I can help you grow. As a Certified LivePlan™ Expert Advisor, I offer the best methods in profitability coaching. In the financial advisory role, I’m able to apply the full breadth of my experience to strongly influence business growth. Should your business shift, I can see it right away. And I can guide you to your prosperous future.
Are you looking for a fixed fee bookkeeper? Business Unit Execution is a one-stop service specializing in bookkeeping, profitability coaching and expert advisory services for small to medium-sized businesses. At Business Unit Execution we help people grow and businesses prosper. Schedule your Explosive Business Results session now.
Written by Suresh Iyengar, P.E., President, Business Unit Execution LLC––if you ever wanted to get ahead in starting your business, running your business or growing your business without spending thousands of dollars on a business consultant in Houston, set up your FREE Explosive Business Results phone call. CLICK HERE.
“How Not to Lose Synergy So Your Team Moves Your Business (Forward)”
Small Business Coaching Houston
“Synergy is better than my way or your way. It's our way” – Stephen Covey.
Synergy is about creating a bigger sum from joining smaller parts. Obviously, it plays a big role in business. And a company’s vision and mission depend on it.
As a Profitability Coach, I ask business owners, “Can you achieve your goals with no synergy in your business? That probably wouldn’t happen, would it? Most businesses realize it. Eventually, you know it is all about doing the right things right.
Scores of examples show how businesses failed. Daimler and Chrysler is one such example of a merger. Culture clashes thwarted synergy between the two. The merger fell apart. And experts labeled it a “big failure”. Why? Simple. No synergy.
Synergy is not just an issue companies face when they merge with other companies. Even if you are an owner of a small business you need synergy. You need it in strategic planning for small business. People in your team need to pull forward together. Without this binding force, you will lose momentum in your business.
1) Never forget the company mission
A mission statement is all about having a core purpose. It answers these questions:
- Why the company is doing what it is doing
- Why employees believe in passionately doing what customers need
- Why customers would look for us when we aren’t around
- What is the bigger reason our company exists
Have you ever seen success when different units of the same business move in opposite directions? It just doesn’t happen. Most businesses suffer from exactly this issue. And many don’t see it until it’s too late.
Make your employees realize the purpose of your company. Display it in a common place. Offer them a performance incentive plan. Such steps make people treat the business as their own. And you’ll find a great way to motivate them in carrying out the company’s mission.
2) Carry out your company's core values
Core values are “must do” and “must never do” items. Define them in a way that it becomes a default standard. If an ethical issue stymies you, well-defined core values would clarify what you should do.
Core values could change in time. Once they solidify, they will act as a manual directing anyone.
3) Set your targets
Targets are goals that affect your company in the next 3 to 5 years. Most people know that leaders in companies influence them. They exist as long as the leader exists.
If your company doesn’t need new goals, that’s okay. Your leader may decide to refocus people using existing goals. It may bring fewer goals and greater clarity. Such steps could produce unprecedented results when people dive down like an eagle from the sky. That’s the focus it will bring to your company.
4) Set your yearly goals
If you know what your main priority is, you will get there. For example, if you have to install 15 doors each week in your door business and that’s your main task, people will achieve it. Make it clear to them in your Strategic Plan.
5) Your quarterly goals next
Even if you have yearly goals, it makes sense to have 90-day goals. It’s one key performance measure that aligns with the company objectives.
Use 2 or 3 priorities to support this measure. It’s important that your full team is onboard. That’ll make it easy for them to achieve this single goal.
6) Your weekly meeting
Each week, hold a meeting. Go over actions that will lead to results. Get a handle on risks. Such meetings produce rhythm and routine. Such routines when joined with goals produce effective results.
However, assign only one owner for each action. Keep the meeting at an hour, max. That’s when you can get the right results.
7) Daily snippet
Hold daily meetings for no more than 10 minutes. Get the top issues to track progress. Discuss the blocks to carrying out your plan. Such meetings track your derails. They spot new opportunities that elude bigger meetings. They save time from emails. They help you get over interruptions.
So make use of the opportunities to avoid hassles, save time and reach goals.
You might not notice but the most important of all meetings is this daily meeting. It sets the tone for your weekly meetings.
That’s it. Now you have the blueprint. Build your strategic plan. Strategic planning for small business can save you years of hassles if you start believing in “our way”.
Want even faster results? Are you ready to discover how? Schedule your Explosive Business Results session now.
Written by Suresh Iyengar, P.E., President, Business Unit Execution LLC––if you ever wanted to get ahead in starting your business, running your business or growing your business without spending thousands of dollars on a business consultant in Houston, set up your FREE Explosive Business Results phone call. CLICK HERE.
“Are You Losing Control in Your Business Because You’re Doing it All (Recover Now)”
Small Business Coaching Houston
“The greatest leader is not necessarily the one who does the greatest things. He is the one that gets people to do the greatest things” – Ronald Reagan
People loved Ronald Reagan. He showcased powerful leadership skills. And his quote typifies the importance of effective delegation. A person can never be a great leader unless he learns how to delegate his work to others.
Once you start a business you quickly realize that you will have tasks you wish you didn’t have to do. You also figure out that you couldn’t possibly manage the entire business all on your own and still make money.
Take the example of Soyini Chan-Shue who worked in the New York Police Department. Many worked under her. She did it all herself. But when she started her own security firm, she found it hard to delegate. She is running a successful business now. However, all wasn’t as rosy when she started. Like most entrepreneurs today, Chan-Shue wanted to keep the reins of the business in her hands.
She faced challenges in trying to do it all herself. That’s when she quickly realized she had to delegate. At least she had to delegate so she could focus on the tasks that made her money. Now her business flourishes with every passing day. Thanks to her ability to delegate.
1) How important is delegation?
Research shows that many small business owners are reluctant to delegate their work to other people. Even though they have hired sub-ordinates to do their work, they still don’t feel safe. They feel insecure. Giving up authority to anyone isn’t easy. This is common in small businesses. People believe that they can control and manage their business. They underestimate the work because of their smaller size. But size is irrelevant.
Delegation is critical, regardless of size. You pay people for their skills and expertise, don’t you? Ask yourself. Why would you want to pay someone if you don’t want him or her to do the work? It just makes no sense. Yet most business owners make this mistake anyway.
2) The pitfalls of doing it all yourself
Nobody can deny that entrepreneurs persevere. Otherwise they wouldn’t be in it. They want to see their business flourish. They want to become successful. Yet success comes with trust. Trust in your people. Just like your customers have to trust you, you have to trust your team. Doesn’t that make sense?
Small business owners shoulder the full burden of their business. They might feel like they are contributing heavily. However, the stress and business burden could take over your passion. Small business owners who keep it exclusive to them could suffer from increased anxiety. Their endless passion, good in the short run, could damage their business in the long run. Instead of having full control on their business they could lose total control of their business.
3) How to control your business and start delegating
Greet and talk to your team daily. This will help you develop trust inside your team and that could help you effectively delegate tasks. It is part of the strategic planning for small business. You discover the benefit in delegating the right tasks to the right people. Evaluate the skills and character of your employees. This will allow you to divide your work. You could do it effectively knowing the abilities and interests of your staff.
Besides, you could also hire a small business coach. Hiring a small business coach will help you put together a delegation plan. Acting on the advice of your small business coach will let you control your business. And you will do it in a way that carries your business.
Want even faster results? Are you ready to discover how? Schedule your Explosive Business Results session now.
Written by Suresh Iyengar, P.E., President, Business Unit Execution LLC––if you ever wanted to get ahead in starting your business, running your business or growing your business without spending thousands of dollars on a business consultant in Houston, set up your FREE Explosive Business Results phone call. CLICK HERE.
“6 Questions You Should (Really) Ask Before a Business Plan”
Small Business Coaching Houston
“Plans are nothing; planning is everything.” ― Dwight D. Eisenhower, former U.S. President
That rings so true in life, doesn’t it? However, in your business that could take a different turn. You may already know starting a business can be thrilling. You could become adventurous. You could take risks. Sometimes, you might want a cushion. That’s when a Business Plan could come handy.
That’s not the only time you’ll need one. Once you start your business, doing all the work without any help or advice can become exhausting. You could gain from hiring a small business coach near you. That coach could help you put a business plan together. You work with the coach regularly. And soon you will reap the rewards for your work.
Now let’s look at 6 questions every small business owner asks before writing a business plan or hiring a business plan writer.
1) When should a Business Plan be written?
The quick answer: Write the business plan before you start your business. And it’s okay the first time if it takes longer than you’d expect. If you feel more comfortable, you could hire a business plan writer. Your investment will pay off. For aspiring entrepreneurs, get your fundamentals right. Get to know your reasons for plunging into business. I mean ask yourself why you want to do it. Strategic planning is a different step in business. Even with overlap, a business plan is a subset of strategic planning. With the help of a small business coach, you can create a simple strategic plan. It will benefit you and your team.
Write your business plan when you want to get funds from a bank. Write a business plan also when you want funds to grow once you are in that phase.
Another phase to write your business plan is when you get ready to sell your business. It will give you data that shows your business value. You will now know your business worth. And that’s one measure in setting your selling price. Since a business plan is about the future, your prospective buyer will thank you for sharing your vision of his future. And he or she might possibly make you an offer for your business.
Finally, write a business plan when the market shifts and disrupts your business model. This could happen when you suddenly could be selling to a different market. Or, you could use a different method to sell your goods or services. That’s exactly when a business plan will help your team to connect with your business. You will end up with a boost to the morale of your team. That in turn will boost your company’s growth.
2) Why is Business Plan important?
As you have seen the reasons for writing the business plan, its importance is amply clear. Creating funds or evaluating your current state sends different signals to the market. You could build, borrow or buy.
Mergers and Acquisitions (M&A) are necessary for the future of any business. That’s when you are buying another firm. Alternately, some other firm might offer to buy yours.
3) What should Business Plan include?
Every business plan could make your business a future success. Typically, it includes:
- the business idea
- the overall plan and your actions to realize them
- your services and goods and your unique selling point
- markets and reasons for choosing them
- your management staff and employees
- your funding needs
You will realize that your credibility is most important in a business plan. It is a sum of facts, projections and practical forecasts for profit. Your passion is not the reason someone is going to give you a loan. It is their belief in your credibility that will turn in your favor.
3) What should Business Plan include?
4) Where to start a Business Plan?
Start a business plan where and when you are ready to commit to yourself. That’s right. A business plan has an understated benefit. It holds you accountable to what you promise to do. And you know by when you plan to do it. If you aim for $2 million in revenues by year 2, that’s what will drive you. That becomes your goal.
You could start with sales and work backwards. You could also start with the number of services you’ll offer or the goods that you’ll produce. It is about going from point A to point B. You have to know your point B.
5) Will a Business Plan guarantee success?
As we discussed, a business plan is a way for marketing your company to investors, suppliers, customers and even employees. It is not an assurance plan or a plan to guarantee success. It will however have the ability to guarantee you a way to hold yourself accountable. You will also have others who have invested in your business remind you about where you are. And they will ask you questions about why you are where you are. They want you to succeed.
Could you be successful without a business plan? You could. But you may cut yourself short of what you potentially could achieve with a business plan. Why would you want that? Aim high instead. Work hard. Work smart. And you will reach your goals with a detailed business plan. If you find it hard to do it all yourself, don’t sweat it. Hire a small business coach in Houston. It will save your day. And it could get you moving to your goals quicker than you imagined. Now, isn’t that what you really want?
Want even faster results? Are you ready to discover how? Schedule your Explosive Business Results session now.
Written by Suresh Iyengar, P.E., President, Business Unit Execution LLC––if you ever wanted to get ahead in starting your business, running your business or growing your business without spending thousands of dollars on a business consultant in Houston, set up your FREE Explosive Business Results phone call. CLICK HERE.
“Is Business Coaching Worth It? (Discover Now!)”
Small Business Online Coach
“The key is not to win. Everybody has that. It is the will to prepare to win that is important.” said Bobby Knight, an Olympic coach.
In professional sports, you may already know that behind every great athlete there is a coach. He or she is the one who helps speed up their performance. Athletes seek out coaches. It gives them the ‘X’ factor.
Then you look at the business landscape. And you find that most business owners ask themselves: Is a business coach worth it? How strange is that to you? Both fields need top performance to compete. Both professionals need help. Yet, only one finds it to be obvious.
Here’s the scoop. Sooner or later, you will realize that business coaching is to entrepreneurs what sports coaching is to athletes.
1) What is business coaching and mentoring?
Business coaching is a step-by-step method. It takes your business from point A to point B. And a business coach guides you there. As a business owner, you learn how to grow your business. You get a clear vision.
That also means that this fulfills your personal goals. You get all this working with a coach. In contrast, business mentoring is narrower in scope. Here, the mentor passes on his personal experience. That in turn helps you run your business effectively.
Business mentors show how they have been there, done that. They transfer practical skills. You gain from their experience. Now, let’s look at what business coaches do before we see the benefits of having a business coach.
2) What do business coaches do?
You could compare a business coach with a personal trainer. A personal trainer aids you to get in physical shape. How does he do that? Well, he educates you on best practices in fitness. Then he sets you up with your own rule. That helps you reach your fitness goals.
A business coach does the same for you. In contrast, you play the role of business entrepreneurs and leaders. Most people look at business coach vs. business consultant. What’s the difference? A business coach helps you achieve your full potential. But a business consultant solves your specific problem. That’s the major difference. You get to choose which one you’d like to work with.
With your successful business coach you also get boatloads of experience. You get valuable insight, which will aid you towards your short-term and long-term goals. You get various strategies working with your coach. This allows you to ferret out possibilities for your business. You grow your business with new knowledge working with someone who holds you accountable, week-to-week.
There is nothing like expanding your potential. Small business coaching in Houston helps you transform your business so you grow tenfold. That saves your precious years from unwanted struggle.
You now learn to focus on prosperity and growth. How do you do it? You organize yourself, hold yourself accountable and develop the right methods to grow.
As a business coach starts work, the first task for you is to evaluate your business. To give you the best and great coaching, business coaching in Houston focuses on the reason you got into your business. It is to find out what drives you and why you preferred to do it when there were other choices. The better a business coach understands your dreams and hopes that led you to go into business, the easier it will be to make it a reality.
So how do you work with a business coach? You meet regularly. Between the meetings you get tools and templates to craft your own business growth. You get best practices. You race to achieve your full potential, while the coach keeps you on the hook to perform.
Much like personal trainers, a small business coach in Houston nudges his or her clients consistently. You become a bigger version of yourself to achieve more from your potential. That’s why it makes sense to hire a business coach. Do you see now?
3) The Benefits of Having a Coach
When you discover the benefits, you can answer the question: Is a business coach worth it? Let’s dig in and see what you get working with a business coach.
A) Better Productivity
A business coach can help you make your business productive. You will get step-by-step procedures that have proved to work for other businesses just like yours. Reaching KPI or installing lean methods are just 2 such examples. Besides, employees have to communicate in harmony and have efficient meetings. A business coach helps you build a better business model so you ramp up your business efficiency. You get to work on an overall plan that builds the right culture in your business. These are your game changers.
B) A Deeper Understanding of Your Business
You get an objective view of your business when you work with your coach. That’s because he or she is looking at it from the outside. You are inside the cloud. Now picture the business coach to be in the blue sky. See if that analogy helps. That’s how it should feel.
Developing your brand is one example of deeper work with your coach. Importantly, you learn to craft a business model seen from the eyes of your best customer. That becomes your big advantage.
C) Learning from Small Businesses Success and Failure
You get to see what worked for other businesses just like yours. It does not always have to be about successes. You could learn to avoid failures too. So working with a business coach can give you a unique experience you wouldn’t get otherwise. You will discover how people who succeeded took action. This will make way for your own success.
D) Freedom from Your Comfort Zone
It is easy to get comfortable once you’ve tasted business success. However, that could make you complacent. And that’s not what you want because your competitors will always try to inch their way into your market. A business coach helps you develop your niche. That will help you keep your distance from competitors. Once you're free from your comfort zone, you will reach something you never thought possible. And that’s another advantage of a business coach.
Want even faster results? Are you ready to discover how? Schedule your Explosive Business Results session now.
Written by Suresh Iyengar, P.E., President, Business Unit Execution LLC––if you ever wanted to get ahead in starting your business, running your business or growing your business without spending thousands of dollars on a business consultant in Houston, set up your FREE Explosive Business Results phone call. CLICK HERE.
“Want to Propel Your Business Plan? (Now You Can!)”
Small Business Online Coach
“If you have a few minutes, I’d like to tell you how to make your business plan sizzle for every investor, every bank and every partner. It will apply even if you’re looking for an sba loan”
Six reasons affect every item you want to have in your plan. It does not change if you offer goods or services. They are: market, uniqueness, demand, price, value and growth.
As you may already know, it always helps to work with a small business online coach. You could get a jumpstart on your small business. This is your chance to collaborate with someone and grow simultaneously.
Are you ready to look at the 6 reasons now? Let’s check.
1) Market Positioning
Think of where your services fit in the market. Are they high-end? Are they competitive? Or, are they low price? This is one way to slice market positioning.
Look at how you compare to your competitors. Do you focus on cost, quality, innovation or service? Then look at the playing field. If you are into product positioning, you may already know that you will disrupt the market sooner or later if you focus on innovation.
2) Unique Selling Proposition
You may know that your competitors could offer services just like yours. If some of them didn’t succeed, find out how you will do it differently. Find the edge in your services.
Your unique selling point is all about the difference. It finds your market niche. It’s more than just a better service. It shows how your services fit some customers.
Have you made that clear in your message to your ideal customer? There are many unique selling proposition examples that mark what small businesses offer. Check them out.
3) Expected Demand
This part is the most difficult, if you ask me. You have to study your leads and then estimate who is likely to buy from you. Then you have to estimate how often they will buy from you.
If you’re selling goods, it could be easier than selling services. Customers want to see the value when they get ready to buy from you. I don’t blame them. I do the same when I want to buy. Don’t you?
What do they feel about market certainty? Such questions affect buying patterns. Finance and cash flow is always important. It is all about small business administration.
These reasons also affect your 6-month or yearly estimates to have a fit small business.
4) Pricing Strategy
Every small business has pricing strategies. Sometimes it is price skimming, where you set a high start price and then lower it over time. Other times small businesses use penetration pricing, where you offer a low entry price for a new service to steal customers from competitors. If you use cost based pricing or value pricing, show the reasons you chose that strategy. Investors and bankers look for them.
5) Value to Customer
If you are in services, offering value in exchange for fees tops the list. If you offer goods, customers want to pay what the market will bear.
Services or goods fall into 3 broad groups--need, luxury or somewhere between the two.
Research the market. Evaluate the demand for your services or goods. Then check the extent of value you offer to your customers. Make certain the value is 5X what you charge for it. Some may want it to be 10X. It’s your call. It depends on the distance you want to keep from your competitors. Importantly, set up your message so it (clearly) shows off the value.
Once you have long-term customers, calculate your customer lifetime value (CLV). That will show you your growth potential. We will look at this next.
6) Growth Potential
Some services produce offshoots. Check the growth you see in the services you offer your best customers.
Look at where the percentage of highest growth lies. Invest in those services that have the highest potential to grow revenues. That’ll give you the focus you need.
If you need help writing a business plan, work with a small business advisor. Or, find a small business online coach. That's even better. You'll recover what you paid quicker than you think.
Want even faster results? Are you ready to discover how? Schedule your Explosive Business Results session now.
Written by Suresh Iyengar, P.E., President, Business Unit Execution LLC––if you ever wanted to get ahead in starting your business, running your business or growing your business without spending thousands of dollars on a business consultant in Houston, set up your FREE Explosive Business Results phone call. CLICK HERE.
“This Just in: Role of Top Management in Business Plan Project”
Small Business Online Coach
“Let me tell you about a small business owner in Houston, Texas who got her business plan approved by the bank, her investors and her partner.”
As a Houston small business owner, Sarah had her ducks in a row. She included key job descriptions for roles in top management in her small business plan. She showed who handled critical roles. And showed how you use absence management when work falls through the cracks.
Many small business owners write business plans but they don’t get bank approval. Investors shy away because they see risks. They want to see the potential for success.
If you wonder what could be wrong, you aren’t alone. One of the key areas of a business plan is your top management. How strong are they? And why do you think that is the case?
Do you remember the famous quote? “People are your greatest asset”. Most investors, partners and employees believe in it.
Include job titles. Include background and education. Include their work in the industry. Include awards, milestones and top management skills. Remember to list any previous businesses they owned. Show how each partner or employee fits each job. Show how work connects people. Explain who will take action in each area. Use a flowchart. Show reporting layout.
If you have critical roles, then include them in the plan. If your business focuses on accounting, then a certified accountant is a critical role. Similarly, if your business is engineering, then a licensed engineer is a critical role. Critical roles exist in all small businesses. List them if you have more than one in your small business. Show how you handle absence management.
Now, it's possible to have a flowchart that shows vacant positions. For each such position, list the title, the number, expected turnover, skills and date you plan to fill it.
List any training programs you plan to hold if you don’t find the right staff. Point out training you’ll take as the small business owner to stay current.
Preserving skills is equally important. Highlight how you plan to divide the work. Show how you’ll pass this information to staff. Document internal steps to check if you’ve trained your staff to do the work.
Such steps assure investors that you will be able to lower risks. Markets go through highs and lows. Small businesses that survive remain steady in their approach. That’s what a great business plan project showcases.
As a benefit to you, having the right top management in the plan will help you evaluate the skills, experience and training your business needs. Complement that with absence management and you will cover the gaps.
At the end of the business plan project, you could include resumes of your staff.
If you need help writing a business plan, work with a small business advisor. Or, find a small business online coach. That's even better. You'll recover what you paid quicker than you think.
Want even faster results? Are you ready to discover how? Schedule your Explosive Business Results session now.
Written by Suresh Iyengar, P.E., President, Business Unit Execution LLC––if you ever wanted to get ahead in starting your business, running your business or growing your business without spending thousands of dollars on a business consultant in Houston, set up your FREE Explosive Business Results phone call. CLICK HERE.
“Want a Successful Business Plan? Stop Making This Mistake”
Small Business Online Coach
"What would you do if you knew one change that could make your Business Plan shine?"
You may already know what happens when you’ve got it working for you.
Let me tell you anyway. It could catapult your ability a step more.
Imagine these results. Your bank approves your business loan. Your investors are now willing to invest in your business. And your future partners are willing to join your firm. That’s what you can expect if you get it right.
It’s the part above the fold. It’s your Executive Summary.
It is your story of your business. It is your account. You can have a captivating start, a body and an end that rides the wave of positive experience. Remember, you don’t have to stretch it.
Yet it can be a story that ends in a flourish. Just be realistic. You could work with a small business online coach to make it easy for you.
Here are the main parts of an Executive Summary example.
1) Company Description
This is the bigger story from your tag line. Include the service that you offer. Identify your typical customers. Show how your service fills your customers’ needs. It let’s readers know why your service is important to your customers and how you offer value. That’s how it transforms into a need.
2) Legal
Most small businesses are sole ownerships. It’s easy to set up. You could have a sole owner Limited Liability Company (LLC). You could also have a partnership LLC. If it’s a partnership, you’ll have to describe the roles of each partner. If it’s not a partnership, you are the company and the company is you. That means that people know they are working with the top person in the firm.
An LLC reduces the risk of liability. An S Corporation is flexible for taxes. It allows profits to flow directly to the owner. You have different tax rules. A C corporation is for larger companies. Lenders prefer C and S corporations because they live beyond the owner or top officer of the company.
3) Milestones
Show your road map from where you started to where you are now. Be clear about who you were when you started. Then show how you adapted to the market. That will highlight your personal achievement.
After all, everything is about people, isn’t it? Money is real important to investors. Remember to include milestones related to cash flow, revenues and profits. They will thank you for it.
4) Goals, Mission and Vision
Goals are results that you forecast you’ll achieve in the short-term, midterm and long-term. Short-term goals are ones you’d reach in 2 years. Midterm goals are ones from 2-5 years. Long-term goals show where you will reach in more than 5 years.
The mission of your firm could be your tag line. For example, our firm has the mission to help people grow and businesses prosper.
Your business vision answers the question “why”. It helps distill the future for your business beyond 5 years. It gives a purpose to all who connect with your business. It inspires people to reach the highest peak through a unique set of qualities they develop by working in your business. Your vision is your shining star on the hill.
I’m sure you know by now that an executive summary example is your quick step to business plan success.
If you need help writing a business plan, work with a small business advisor. Or, find a small business online coach. That's even better. You'll recover what you paid quicker than you think.
Want even faster results? Are you ready to discover how? Schedule your Explosive Business Results session now.
Written by Suresh Iyengar, P.E., President, Business Unit Execution LLC––“Explosive Business Coaching Houston Results For Small Business”. Want even faster results? Are you ready to learn? Call 281.410.5375 and speak to your Profitability Coach Houston
“Seed Money Using a Lean Business Plan”
Small Business Online Coach
"What would happen if you found seed money to pump into your new business?" You'd jump at it, wouldn't you? If you have a few minutes, I'm about to tell you how to get it.
Most small businesses start up without thinking about how much money they will need before they start. Most startups already know they need the money. They admit when they don't specify goals for their business. They also realize it's a missed opportunity.
That's where a Business Plan can brighten your day. It will show you step-by-step what you'll need to grow your business. You could also call it a feasibility plan. It includes a marketing plan for your business.
As you begin to write it, it will make you think. It will help you prioritize. If you like to think forward, you could gain from working with a small business online coach.
Every bank that gets ready to lend you money for your business will ask for a Business Plan. They want to know why they should invest in your business. And how they can be sure they'll recover their investment. A thorough plan has 3 major parts.
1) Your specific goals in the business
2) Your business idea and reasons why it will produce results
3) Your forecasts for profit and income (financial projections)
When you write your lean business plan, you'll have a chance to discover your industry trends. Your market and competitors could change. You'll find ways to manage your cash flow, which is vital for business survival.
Markets shift over time. For example, people who shopped at stores now buy online. That calls for a different seller strategy. Your Business Plan could show how you would manage this change, if you were in that segment.
Your competitors change also. Office Depot found that Walmart started selling office goods. That was new. Walmart filled their aisles with stationery, printers and paper. They rapidly became a direct competitor to Office Depot.
List your competitors in your plan. Check the direct and indirect ones. That will keep your plan practical.
Online platforms such as YouTube offer free education today. You now have to think hard if you should spend on Universities. You avoid travel, food and living costs. That's another example of drastic change in the market.
Writing your plan will help you think about such developments in your industry.
Finally, most business owners know that writing a Business Plan is not a one-time task.
You will need one when your industry changes. If you have employees, you could get their view. That will help you realize areas of the plan you may have overlooked.
If you need help writing a business plan, work with a small business advisor. Or, find a small business online coach. That's even better. You'll recover what you paid quicker than you think.
Want even faster results? Are you ready to discover how? Schedule your Explosive Business Results session now.
Written by Suresh Iyengar, P.E., President, Business Unit Execution LLC––“Explosive Business Coaching Houston Results For Small Business”. Want even faster results? Are you ready to learn? Call 281.410.5375 and speak to your Profitability Coach Houston
