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Numerous studies have been done around the world showing that more than 80% of all small businesses fail within the first five years of operation. That means only 20% of small businesses have what it takes to succeed.
So why do some succeed and not others? 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.
Business owners turn to their accountant for financial help, their lawyer for legal help, and are unsure of who to turn to for help in marketing and systemizing 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.
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 the your team better.
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 is McDonalds. Ask yourself, do you feel that you can make a better burger than McDonalds? I am sure you can. But can you build a better business system than McDonalds? The answer I am sure is no. 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.
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.
My Business 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 revenues over a period as short as two months
Think about serving satisfied customers. If you do, innovation, production costs, marketing costs, and profits, will tend to take care of themselves in a very satisfying way.
Small business marketing is all about determining the needs of your target market and building relationships. There are 7 steps to building a successful small business marketing plan for entrepreneurs starting a sma...
Are you a small business owner to a Level C executive who looks to your P&L (Profit and Loss) statement each month? Are you happy with your business results? Then maybe it is time to think of your P&L a little diffe...
If you're in a service business -- you have an invisable product. People can't see it, so they will ask you to do things that they'd NEVER ask someone with a tangible product to you.
For entrepreneurs looking to get loans for small business, the process is not as easy as it may look. Indeed, it is a complicated procedure that if done improperly can ruin your chances of obtaining funding altogeth...
Warren Coughlin
(Visit Warren's Website)
Warren Coughlin is the Canadian Coach of
the Year with Action International and
selected from the over 900 coaches
internationally for a Global Action Man
Award and a North American Action Man
Award. His experience and his passion
have allowed his clients to experience 300
and 400% growth, create stronger teams,
reach for bigger dreams and gain skills
they can use for as long as they run
businesses. He is now challenging all
Toronto area Entrepreneurs to double or
triple your revenue (or more)! You get to
enjoy that growth, receive a free vacation
and here's the kicker - he's going to
show you exactly how to do it!
It’s only $50 to participate in the
Bennett Gold Action Challenge, to learn
techniques of growth, to participate in an
ongoing teleseminar series, to receive
tools for success and to have access to
great additional learning and networking
opportunities. If you really want to take
your business to the next level, visit www.
bennettgold.ca/challenge.
Kathie Thomas Video - About the book Worth More Than Rubies and being a Work At Home Mum by Kathie Thomas - every mother's dream! Based on the Proverbs 31 Woman.
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