In terms of my physical health It’s not unknown to me that I really should exercise more and cut out certain foods. It takes very little effort to find that out. identifying the things I actually should make an effort to be eating takes a bit more of an effort. Yet even that is not to difficult to work out. I even have a few exercise routines in place that I know I should do every day. Add all this to the that to the fact that I’m a member of a gym that is open 24/7 then really I should by now be in peak physical condition rather than… Well let’s just say I’m doing OK but certainly could be doing better.
So what is it that’s missing? Obviously there is sometimes a lack of self-motivation, discipline or perhaps a lack of compulsion. This could also mean too much choice. I have a lot of options about what to buy, when to buy, when & what to eat and similarly when to exercise.
I believe the biggest hindrance to progress is prioritisation. That is having a clear programme of action that; sets priorities, is personalised for you, is results focussed and can be adapted as and when your circumstances change.
This is pretty much the same in business, The startup stage of business is obviously crucial but also very distinct and unique for each business project. At this early stage a robust and well thought through business model is paramount. Therefore a major component of the Olympic Sprint Business Coaching Startup Module is built around our Business Model Creation Template which is included in most of our online courses and live workshops.
A well prepared business model is much more important to have in place than a business plan.
Business plans are usually prepared by you to satisfy other people. They only sometimes serve a useful business purpose beyond that. However, once that initial stage has been successfully negotiated entrepreneurs arrive in the position of now having to optimise their business operations to ensure that it is firing on all cylinders in its current state. This is where the focus needs to shift towards these five pillars in order to build on your robust business model but also to deliver the great results you would have envisaged at that early stage and which are still possible.
If we take a headline view of these five we get:
- Lead generation
- Sales & conversion rates
- Customer service
- Increase profit margins
- Price optimisation & pricing strategies
They should all sound somewhat familiar and the simple logic is:
No leads – nobody to sell to;
Wrong price – nobody will buy;
Selling equals converting leads into money;
There’s more to selling than closing;
Saving money is often as important as making it;
No repeat customers – no business value;
Customer service is about the upsell.
Not everything written here should be new to you. For, if you are like me then over the years you would have attended presentations, listened to motivational speakers, checked in on the odd webinar or just simply lifted good practice from wherever you can find it.
Below I’m going to set out you five individual and straightforward tasks representing each of the five action points. If you put these five relatively minor actions in place from today, you’ll almost certainly be seeing the positive results in just a few days, if not immediately.
Customer Service
1. Go through your records and find 50 former customers who you have not had contact with or done business with for a very long time. Write to each of them (or call them) offering them free tickets to an event that you have decided upon. let them know this all a part of celebrating where the business has reached today and gratitude to the old and current customers that have got you this far. You can always include a current price list and make sure to answer any questions they have or at least schedule a time to get back to them.
Lead Generation
2. Stop complete strangers on the street and tell them about your product or service. If they are interested, take their name and contact details.
Pricing Psychology
3. Make all your prices sexy. In this regard £1.99 is much sexier than £1.96 and £259 or £295 is sexier than £248. Take time to re-stress or advertise the new prices with a reminder of all the benefits of your product or service.
Selling
4. Challenge yourself to cold call a number of complete strangers and sell them your product or service. If you do 100 calls, lead with different selling points on each set of 10 even if they are not at all unique.
Profit Margins
4. Increase the price of one of (or the) most popular and best selling product you have. Notify your customers in advance why you are doing this. It may be increased buying or manufacturing costs or overheads. You can offer an extended period of keeping prices at the same level to special clients.
Click here if you wish to take free of charge, the Olympic Sprint Business Coaching: Five Day Business Optimisation Challenge. It’s three tasks over five days that are certain to create new and increased business and finances.
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