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”

time management

Time management is the key to getting more things done… our tips will show you how!

Eventually, down the track, all business owners discover that there just isn’t enough time for everything on their ‘To-do list’ – and there never will be. But it isn’t your job to try and do everything, no successful person does! What they do is focus on the genuinely important tasks – not just the urgent tasks – and ensure that those tasks get done, using time management, of course.

Brian Tracy explains one of the most important rules of personal effectiveness, the 10/90 rule, in his International Bestseller, ‘Eat that Frog!’. If you spend the first 10% of your time planning and organising your work before you begin, you will save as much as 90% of the time in getting the job done once you get started. Managing that first 10% is the most important part of becoming the Master of your time.

Here are a few tips on timely success:

  1. Categorise your tasks into ‘Important’ and ‘Urgent’ tasks. Urgent tasks are based on time, and need to be done straight away. Important tasks are the ones that will make a substantial difference to the value of your business. Once you have categorised your tasks, ensure that 60% of your time is spent on tasks that are important but not urgent.
  2. Use your 4 D’s by analysing what exactly needs to be done, delegated, deferred and dumped.
  3. Plan how these tasks will be completed, when and by who.
  4. Delegate the tasks to the right staff to ensure they get done.
  5. Ensure that you do the tasks that you have assigned to yourself through self-management.
  6. Do the toughest things first, and as Tracy says, eat the biggest and ugliest frog first, and you will have nothing worse to do that day. This stops procrastination.

Start with making a difference with the first 10% of your day and you will see the positive and efficient effect it will have on your business. Don’t forget that time management is about getting more things done effectively, not getting more things done.

If you want to start doing hard things the easy way, join us for our FREE 90-minute seminar. We want to share more tips on how you can get more time back in your life so that you can start living it.

Register here or call us on (02) 9146 4439.

After reading this blog, you should be well on your way to becoming Destination, Money, Delivery and Time Master. Now, your next challenge will be taking the next step towards building a better business. I’ll teach you that in my next blog, but for now…

“…The bad news is time flies; the good news is you’re the pilot…”

customer service

Without great customer service, you have no customers… so treat them like royalty

To master the delivery of your business, you must have control over the supply, quality and ease of purchase of your product or service. But most of all, Delivery Mastery refers to customer service. Strangely, many business owners don’t realise their level of dependency on their customers. I am here to tell you that no matter what you sell, no matter what your business does…

…you are in the customer service industry.

This means that you must pay extra attention to the little things that may not mean so much to you, but mean a lot to your customers. When your customer service is outstanding, you can be sure your customers will tell some of their friends. When your customer service is bad, you can be sure they’ll tell even more of their friends!

As Dr Paddi Lund calls them, the ‘Critical Non-Essentials’ in your business must be systemised and executed well in order to deliver an incredible experience about which customers will rave! Although the ‘little things’ in your business, such as a new coffee machine or a nice fragrance at the entrance for your customers, don’t mean much to you, they are of critical importance to your overall success. Once you discover this, you will understand that being good at your job does not automatically mean customers will beat a path to your door. Your customers judge the quality of your work differently than you do, and base their opinions on many things.  Your specific service or product is just one of those.

A good example of this is a dentistry clinic. Many business owners, including Dr Lund at a point in time, choose technical perfection over the comfort or happiness of their patients. They believe that this is how they will gain raving fans. But let me ask you this question; if you are sitting in a dentist chair, and notice cobwebs on the ceiling, cigarette buds in the waiting room ash trays, and un-dusted furniture, how confident would you be that the utensils, that are currently being used in your mouth, are clean? Not very confident at all I would assume.

Dr Lund understood that customers judge your expertise in areas they do not understand by your excellence in areas which they do, so he put more effort into making his waiting room an experience that would wow his customers and gain their trust. It wasn’t long afterwards that Dr Lung overheard two of his patients raving about how much they love coming to his clinic due to the clean waiting room, the new books that replaced the old magazines, and the beautiful china offered when enjoying a cup of tea. Cleaning and polishing confirm technical competence.

Great customer service is the root from which profitability grows. This is because it is through word of mouth (far more than advertising) that new customers find you. It doesn’t just happen by accident. In the long run it’s the product of team building and training. Early on in business, it’s about making products and services easy to purchase and delivering what you say you will. It’s about simply being polite, friendly and helpful. Give your customers a reason to say “WOW!”.

Do you want to give your customers exactly what they want to keep coming back? Click here to book a FREE 1-on-1 business coaching session and turn your customers into raging fans today!

Keep your eye out for my next blog on Time Mastery. Here, I will give you a few good tips on how to claw back some more time from your schedule. Till then, here is a thought to keep in mind…

…“Your customers don’t care about how much you know, until they know how much you care.”

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.”