marketing plan

Get your marketing plan into shape with these 5 easy strategies!

Have you ever felt like your marketing activities just aren’t generating enough profits for your business, so you just give up on them? Or do you pause your marketing plan in order to save more money? Well consider this…

…If you put an end to your marketing plan, will you really save money? Yes, you will… in the way that stopping your wristwatch saves time. In other words, don’t kid yourself.

A marketing plan needs to be clear, simple, and most of all, consistent. Then you have to actually stick to it and, rather than halting its use, update it and make it better. If you let it go after 3 months of not seeing any results, you are guaranteeing that you’ll never see results.

Most business owners think that you must be a marketing guru to generate and implement a strong and profitable marketing plan. Well this should be music to your ears… there are only 5 key areas of marketing and sales that you need to focus on to build your business!

Over the next few months, I will cover each key area in detail. Here is a summary to start your journey to becoming your own marketing guru:

Number of leads – This area is all about how many potential clients you attract. Unfortunately, being unable to generate leads is one of the main reasons that so many small businesses fail in the first few years. The lead generating strategies we will teach you are both simple and mind-blowingly effective.

Conversion rate – Now that you are generating enough leads, how many of them do you convert into clients? Many business owners ‘wing’ the sales process and hope for the best. If that’s you, how is that going for your business? Having a detailed sales strategy will not only improve your conversion rate, but make it much more reliable.

Number of transactions – How many times a year do your clients buy from you? Increase this frequency by devising the ways you can encourage past clients to buy from your more often. Think about this… your existing customers already like what you do, which makes it about six times easier and cheaper to get a past customer to buy again than to acquire a new one! Get brainstorming!

Average dollar sale – How much do clients spend with you each time they buy? Imagine what would happen if you increased the value of each sale by 10%. That’s not a big jump, but it makes a big difference. By executing only one well-implemented price increase strategy, you could make a big difference to the bottom line.

Margins – What is the gross or net margin your business achieves? Improving your margin is one of the quickest way to improve your cash flow. Our clients are often left shocked when they learn that this, the easiest part of a marketing and sales plan, is the fastest and least costly to implement and will have the most immediate impact.

If you are thinking ‘this is too much to work on right now’, remember that all you need is a slight 15% improvement in each area, and that will be sufficient to double your profit! These 5 areas provide you with more than 350 different strategies to explore. All that’s left for you to do is to select the ones that are right for you, implement them effectively, and watch your business soar.

If you feel like you are investing in expensive marketing; that being, marketing which you do not receive a profit from, and just aren’t seeing the return, join one of our coaches for a coffee to discuss the ways in which we can help you.

Can you afford any more expensive marketing? Register here or call us today on (02) 9146 4439.

In my next blog, I will dive deeper into Lead generation and share with you my favourite strategies which will help you increase the number of quality leads attracted by your business. Till then, here’s a thought to take with you…

“…Unless commitment is made, there are only promises and hopes; but no plans”

cash flow

Take your cash flow on a date and get to know it a bit better

Now that you have set your goals and are planning out your days, weeks, months and years to achieve those goals, it is time you become a master of your money. Money mastery is not necessarily about making a lot of money. It’s about knowing where your cash flow comes from and where it’s going.

In the end, your financials will tell the story of your business, just like reading a novel…. what sort of novel would yours be?  A drama?  A comedy?  A horror???

To discover your level of Money Mastery, consider these questions:

  1. Do you have a monthly profit and loss statement that you review? Is it understandable?
  2. Do you have a weekly cash flow forecast that looks at least 3 months ahead?
  3. Is your balance sheet up to date?
  4. Do you know what your breakeven point is each month, week or day?
  5. Is your cash gap under control?
  6. Do you issue invoices quickly? And follow them up quickly?

If you answered anything other than yes to any one of those questions, then you don’t know your money well enough. It is easy to form bad money habits early on in business, when there isn’t much money to deal with. Business owners often learn that managing cash flow and income only gets harder as the business grows…and, unfortunately, they often learn it the hard way – when they have a money disaster! But larger cash flow is not the cause of your money problems. It is purely due to the way you approach your finances.

Many business owners are mistakenly under the belief that more money means more headaches, but they’re the business owners who haven’t set the right foundations in place or mastered their money activity early on. But it’s simple!

It personally takes me a total of 10 minutes per Monday morning to update my weekly cash flow forecast. This means that I only invest 10 minutes per week to update and understand what my cash flow in the business will look like for the next 3 months, allowing me to identify possible issues and to make the most of my cash balances too! Do you have a spare 10 minutes to spend a week?

According to American Psychological Association, more than 70% of Americans consider themselves financially stressed.

Join the minority and become a Master of your Money by booking a FREE 1-on-1 consultation with one of our very own Business Coaches who have helped several businesses gain complete control of the money flowing in and out of their business.

My next blog will be posted in 2 weeks, and will teach you the secrets to how to get raving fans, but till then, here is a thought to take with you…

…“If you expect your money to take care of you, you must take care of your money.”

start up business

Getting control over your start up business has never been so easy

When your thoughts are in a knot and your mind feels chaotic, it is inevitable that your business will follow down that same path. Tony Robbins uses the 80/20 rule when discussing success, stating that success consists 80% of psychology and 20% of mechanics. Therefore the root of a start up business is fundamentally the psychology and skills of the leader. A noteworthy understanding that is commonly overlooked by business owners is that your business is yourself. With this in mind, it becomes apparent that if you can change your own mindset and well-being, you can change your business.

This is the first step in building a better business… Mastery. This step involves taking full control of the chaos going on in your mind and business. Within this step, there are four substantial elements. Believe it or not, but having these four simple elements in place will avoid future disasters and will get your business headed in the direction you want it to go.

As business coaches, we see a start up business go from chaos to control within a few months. The difference it makes, not only in their business but their life and well being, is truly magical. Any mastery gaps within a business can be identified during an initial analysis of a business and fixed usually within a month of business coaching with us.

Over the next couple months, I will be posting blogs about each of the mastery elements. Here is a quick summary on each element to begin your process of achieving mastery to help you in your business…

Destination Mastery

This component is all about getting clear on where you want to go. In my next blog, you will notice a strong correlation between those who have a written goal and those who succeed. Their secret is that they start with the end in mind which, simply put, is setting goals. Actually… not only setting goals, but also writing them down.

Money Mastery

Most would believe that this element is all about making lots of money. More importantly in this stage of a business’ evolution, money mastery is about knowing where your money comes from and where it’s going. You will be surprised to learn how easy it is to have control of your money. It takes me a whole 10 minutes a week to have complete money mastery… Yep, you read that right. 10 minutes out of your 10,080 minute week. Since I began taking 10 minutes out of my Monday morning to update my cash flow forecast, I have had a clear view at all times of the financial outlook for my business. Combined with a monthly Profit & Loss statement, clarity on my Break-even point and good invoicing processes, this gives me complete control over my business’ money!

Delivery Mastery

Whether you like it or not, you have no business without your customers. With this in mind, it would make the most sense to excel in your customer service in order to keep your customers happy and coming, right? Unfortunately, this is not always the case… but it should be! In his book ‘The Absolutely Critical Non-Essentials’, Dr Paddi Lund stresses that all business owners should systemize the ‘little things’ in their business. By doing the ‘little things’ to deliver an incredible experience for his customers, Lund created one of the most talked about customer service experiences in the world. And what did that give him, you ask? Raving fans.

Time Mastery

The most common excuse used in today’s business world is “I have no time” or “I am too busy.” I am here to tell you that you most definitely do have time and that it should be planned and managed in a way where 60% of your time should be spent working on tasks that are important, but not urgent. These are the tasks that build a great business. Take out 10-12 minutes to plan your day, and I guarantee that this small investment of time will save you up to two hours in wasted time and unproductiveness throughout the day.

Once these steps are in place, a start up business can really begin to shine and start using growth strategies to take it to the next level.

Learn more about the steps you can implement to improve your business by calling us today on (02) 9146 4439. You can also schedule a FREE 1-on-1 meeting with one of our coaches here.

Keep your eye out for the next blog on Destination Mastery. Until then, keep the thought below in mind:

Your business will not grow unless you grow as a person. If you want to lead others, you must lead yourself first.