Tweet

How to Make your Small Business Big Profits

Written by: Danny Small

Article Overview: 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.

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.

Related Articles
  Small business success
  How The Cost of New Business Sales Leads Can Improve Profits While You Continue To Increase Sales
  Why Are You In Business
  Starting a Business - Brick and Mortar Franchise Or Internet Opportunity
  PPC Versus SEO: Getting The Balance Right Between Short Term Profits Versus Long Term Gains

Article Tags:



Related Forum Posts
My entry - 1. The Best Business Books Ever: The 100 Most Influential Business Books You'll Never Have Time to Read - this is a fascinating book about the history of Business theory, and I'd recommend it to anybody. 2. The Big Book of Small Business: You Don't Have to Run Your Business by the Seat of Your Pants, by Tom Gegax. Ditto. 3. PADI: The Business of Diving Book Okay, so this book won't be of use to anyone who doesn't want to start a scuba store, but I did, and this book was of course invaluable to me in reaching that goal.
These maybe the coldest franchises out there: - Here are the worst 15 performing franchises in regards to having the highest Small Business Administration (SBA) loan failure rates. The list is dotted with sub sandwich shops, fitness centers and car shops. WORST FRANCHISE LOAN FAILURES Failure % 1 OBEE'S SOUP SALAD SUBS 55.56% 2 LADY OF AMERICA 41.94% 3 COUNTRY CLUTTER (BED & BREAKFAST) 41.18% 4 COPY CLUB 36.36% 5 ALL TUNE AND LUBE 35.71% 6 PICKERMAN'S 35.71% 7 PHILLY CONNECTION 35.59% 8 ROLY POLY ROLLED SANDWICHES 34.78% 9 COTTMAN TRANSMISSION 34.48% 10 HAIR COLOR EXPRESS 33.33% 11 LEE MYLES AUTOMOTIVE TRANSMISSIONS 33.33% 12 GODFATHER'S PIZZA 33.33% 13 SMOOTHIE FACTORY 33.33% 14 BLIMPIE 31.39% 15 GOLF U.S.A. (RETAIL GOLF EQUIP.) 30.77% Source: Small Business Administration, SBA Loan Performance Within Franchise Code for the Period of FY 2001 - 2005
Exclusive: Interview with Results - Hi Forum Members, I'm helping start up a Business Coaching and Consulting company here in Toronto, Ontario, Canada (a Subsidiary of RSC Business in Los Angeles). As a Research and Development Intern I am required to practice my listening and interview skills by surveying Small and Medium Businesses on thier Business. This Survey is designed by RSC Business to also assist the Business being interviewed more insight into their own business. I am looking to interview about 30 businesses across North America over the span of 3 months. At the end of these interviews I will be publishing a report of the results and they will be made available for free to the Interviewees. The Report data will include responses from a minimum of 100 interviews. I would like to extend this opportunity to members of the Forum. If you would like to have this short 20-30 minute interview conducted on your Business and you reside in North America please send me an email or PM. Please contact me at andy[at]jvprosperity[dot]com to arrange our interview and to get free access to the results when they are published.
Re: Biz Plan Competition - i just wanted to say that posting Small Business Events on CanadaOne is a great resource. Thanks Julie!
New Small Business Topic - Hello everyone, I'm on the lookout for new topics to add to my site. We just launched a Franchising section and are planning Human Resources section. Do you have any thoughts for a new section? Here's a list of what we currently have: Angel Investors Branding Bank Loans Business Coaching Business Plan Franchises (New) Insurance Legal Marketing Public Relations Sales Small Biz Loans Venture Capital


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Tweet

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

The Substance Abusing Employee

An Intelligent Contact Sheet

LISTENING SKILLS IN COACHING

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.