Survive any recession, economic dip or bureaucratic nonsense that may otherwise cripple your business.
With Brexit/Bremain looming in a few days, it got me thinking…
What can I do that will help me survive the next recession, the impact of Brexit/Bremain and other factors beyond my control?
I came up with 100 but here are, in my opinion, the two biggest mistakes I see again and again. (I am also guilty of making these mistakes). Rectifying these two things will, beyond doubt, help you thrive, not just survive! If you disagree, comments are open and welcomed!
If we come out of Europe, the economy could suffer but, if we as businesses, get better at Marketing to each other, our world neighbours and take action, a recession can be averted.
If we stay in, then we don’t know what will happen but again by focusing our efforts on building our businesses, we can minimise the effect of any unknown influences out of our control.
The common factor is growing and building our businesses to safe guard Britain’s economy and future trade. To do that, we must firstly do the following two things…
These two crucial things are:
- Implement Effective Marketing
- Take Action
If you spend time or have someone working on your business development regularly, and, if you are able to track and provide positive ROI figures for every piece of marketing you produce, you do not need to read this. However, if you are or have made the same mistakes as I have, please read on…
When I left the corporate world, working for someone else, I had one mission in mind. To apply everything that I learned whilst helping to grow my employers’ business from £120k per year to over £10million, to help grow the businesses of my clients. That is why my business has always been known as Business Growth.
A worthy mission, but my first mistake!
Although I have enjoyed a relatively good income doing this and my clients have enjoyed varying levels of success, I had failed.
I failed to achieve the highest levels of success for both my business and my clients that I set out to achieve. I believe that, because you are reading this, you may have the same fears or a nagging concern that something is not right. It is my sincere desire to show you that you have the power to do something about it. You, me and millions of other business owners are facing the same fears, concerns and are petrified about what lies ahead.
THIS IS WHAT I AM GOING TO DO ABOUT IT
Like I said the two biggest mistakes are Ineffective Marketing and Inaction. I will deal with the latter first.
1) STOP INACTION / TAKE ACTION NOW!
The clue is in the word ‘BUSINESS’… Does business mean ‘busy-ness’?
We all have the same hours available so why is it that some people seem to be able to achieve more?
- It is because they are busy focusing on growing their business
(Not just doing what they’re skilled to do. E.g. A plumber just plumbing, me delivering digital marketing)
- It is because they know what needs to be done to move forward
(Having the knowledge or access to it)
- It is because they can adapt – chameleon like – to an ever changing world
(Business plans being less rigid and more pliable)
I was focused on growing my client’s businesses whilst neglecting my own
This, in itself produced its own set of problems. Firstly, the obvious being that by not working on and consistently developing my own business it started to stagnate as a pool of untreated water would. Secondly, it was only the businesses who either had the foundations in place (great product, uniqueness in their market, systems, flexibility a clearly defined and hungry customer base and so on) or who had the means to invest both time and money to build those foundations, who enjoyed the greatest success.
The term “inaction” doesn’t mean lazy or negligent
It means, simply, that the focus is in the wrong place. If like me, you are currently busy doing what you do, earning a living but not growing as you would prefer, then what you are about to read will help you see that growth is possible, with a few changes to the way you do business!
At the end of this article, I am offering a guide to show you ‘How to increase your business beyond £100K’ – Don’t be put off if you are already past this barrier the same rules apply. Also if you think you can’t ever break the £100K barrier, remember all you need is the desire, commitment and knowledge. I can only give you the knowledge the rest is up to you.
What prevents growth?
As I have already said, it is fundamentally down to not knowing and being able to take the necessary actions needed to grow. As one of my favourite business experts, Jay Abraham say’s…
There are only 3 ways to grow a business:
- Increase the number of clients
- Increase the value of each sale
(He actually say’s “average size of sale per client” which means the same but with a fundamental difference, if you currently sell something for £100 and increase it to £110 that is increasing the size of the sale BUT if you also reduce your costs, sell an add-on and increase the price, that increases the value of each sale)
- Increase the number of times clients return and buy again.
Most businesses simply focus on the first one but struggle to do this consistently, unless they have the benefit of a highly skilled marketing department. The last two are much easier to achieve and in much less time. I go into a great deal more detail in my guide “Do you have what it takes to break the £100k barrier?”
Are you a ‘DO-er’?
I would like to think the answer to this question is ‘Yes’ but what is it you are doing? Are you a decorator and spend your time decorating, an accountant accounting or a hairdresser, styling hair? Doing JUST what you do is NOT the way you will survive (unless you are happy in a J.O.B as your own boss). I know many businesses understand this and have possibly read the “E-myth” by Michael Gerber (if not I highly recommend it).
In practice, the majority are struggling to balance all the tasks needed to grow & to keep your clients happy
But, you absolutely must DO SOMETHING unless you are happy with a lifestyle business (self-employed job). All of this information is intended for those who wish to grow a business. Yes you can apply the strategies I teach to grow a lifestyle business but you will still need to dedicate time and effort.
What to do first:
- Read my Guide “Do you have what it takes to break the £100k barrier?”
- Set aside a day
If you can’t spare a day (8 hours that can be spread over a month) I’m afraid I can’t help you. You need to make some time in order to grow your business. I can show you how but you need to get it done. Yes, there will be more to do but once the basics have been done, you will in time realise the effort you put in now will, save you much more time in the future.
- Read on, I will guide you!
You may be worried about “losing customers” with the Referendum looming. You may rely on exports in your business, you may be afraid you could lose clients if there is another recession. Retaining clients is fundamental to business growth. If you are concerned about this and can’t find the answer in what you watch or read, please let me know. There is always a way! I will reply to every comment.
2) STOP ANY INEFFECTIVE MARKETING NOW!
Traditional marketing is broken and 95% of businesses are doing it wrong.
In Dan Kennedy’s Income & Wealth Pyramid, business owners can be split into the following categories…
20% are broke and stuck
60% are surviving but constantly struggling
15% earn a good living
4% are prosperous
1% are minted!
Why is the split like this?
I believe (so does Dan Kennedy) it is because the 95% are still trying to market their wares using “traditional” marketing techniques done the “old way” or strategies used by corporates. Allow me to explain.
The perfect analogy for just one of the key mistakes 95% of businesses make when marketing themselves, comes from Ryan Deiss of Digitalmarketer.com
“In the world of dating, would you go up to a complete stranger, and without introduction ask them to marry you?”
Of course you wouldn’t, but this is exactly what the 95% of businesses do! Look around at advertising on TV, in magazines and online. BUT also look at the 5%, you will know them when you see them!
Let me give you a few examples of how to do it right:
- It’s the lawn care company that offers a free analysis followed up with a report on how to keep your grass tip top
- It’s the dental practice that offers a free dental hygiene treatment followed up with discounted tooth whitening
- It’s the supermarket that offers products at cost or below cost, to get you in the store, what do you do when you are there? Of course, you buy something else (or if you are like me you look for whatever else they have on offer) Somehow I always seem to spend more at ASDA than I do at Sainsbury’s, why is that when ASDA prices are generally lower when you look at individual products?
All of these can be compared to going out for a coffee with your date first. Free trials, low cost initial offers and freebies that, although they cost the Company little – offer huge, specific value to their client.
Can you see the difference?
This is just one example of how the 95% are doing it wrong. The key takeaway is they are all low commitment introductions. We are not really asking the prospect to take any risks or invest any money but we are proving how we can help them solve their problems.
BACK TO BREXIT/BREMAIN & BEYOND…
Am I concerned if we exit or remain in Europe?
NO – WE CAN THRIVE EITHER WAY!
Am I concerned that if I keep going as I have in the past that I will never reach the levels of success I desire for myself, my family and most importantly, my clients?
YES I AM
I had my best year last year, earning more than I have ever done in my career BUT although I know I can do it again, I don’t want to work that hard again (I was booked solid for most of the year). I was doing as opposed to marketing. I was fooling myself that I could work my way to financial security, I can’t and neither can you.
WE can do something about it!
I have set my personal benchmark at £100k+ profit. You should too! I don’t care what you do, you can do it!
If you want to join me on this journey, start by signing up below…
My article on “Do you have what it takes to break the £100k barrier?” will be there to download!
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Our mission is to help 100 businesses reach the
£100,000 profit per year mark.
If each business reaches this £100,000 target, that will boost our economy by £10m and help safeguard our livelihoods and our children’s future prosperity! Just imagine what we can achieve if everyone works together to smash it!
Do you have what it takes to break the £100k barrier?
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