How to Make your Small Business Big Profits
In the UK over 80% of all small businesses fail within the first five years of operation. That means that only 20% of small businesses have what it takes to succeed.
So why do some succeed and not others? Karen Freeman business coach explains, “There are many reasons: The way the business owner thinks is a major part, the reason being, when the business is struggling to make a decent profit an open minded business owner will seek out help. This one factor, the ability to be open to advice from people who can help you is crucial for ongoing success in the business.”
Karen believes that business owners turn to their accountant for financial help, their lawyer for legal help but are unsure of who to turn to for help in marketing and systemising their business.
“Too often people in business start up and do what everyone else is doing, they just say, this is what we do and list the facts. Then they compete on price because this is the only thing they know how to do. Learning professional marketing allows you to distinguish yourself from competition so you aren’t competing on price. Then you’ll start to make more profit, employ more people and grow the business,” Karen said.
“Developing excellent communication skills with all the staff is crucial in growing a business due to the fact that one of the most important aspects of business is the people. Knowing more about people helps you to deal with customers and your team better,” Karen says.
“The other area that is vital for success in growing a small business is the use of systems. Many businesses have no systems of duplication, an example we use at our ‘Introduction to Marketing Seminars’ is the one of McDonalds. We ask the audience who here feels they can make a better burger than McDonalds? Generally, we get quite a few hands up. So then we ask, who here can build a better business system than McDonalds? Then no one puts their hand up. The reason why McDonalds is so successful is not because they are continually trying to improve their product, it’s because they are continually building on the systems running their business,” Karen says.
“Too many business owners work on the principle that it is more important to get the perfect products or the best shop or the best equipment, when what is most important is developing their systems, marketing systems, people systems and leverage systems are very important as they let your business grow without you doing all the work. That’s why we teach business owners sales, marketing, team building and team recruitment systems. It’s the complete package,” Karen said.
“My Coaching program teaches business owners to become highly skilled in these areas. That is why it is not unusual that a few simple changes can double their turnover over a period as short as two months,” Karen said.