Surviving and Prospering in a changing Market.. Is your business ready to fly?

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Presentation transcript:

Surviving and Prospering in a changing Market.

Is your business ready to fly?

92 % of businesses do not provide the Owner(s) with sufficient income

99.6% of owner-managers work more than 40 hours a week.

86% of business owners do not take 5 weeks or more holidays each year

72% of business owners do not know the value of their businesses.

64% of businesses do not have a business plan

89% of businesses do not track their performance against their budget.

72% of businesses do not know their break-even level.

67% of businesses do not have a cashflow plan which is monitored on a monthly basis.

Some Major frustrations – poor cash flow (in 64% of businesses). staffing issues (in 76% of businesses). Lack of time (in 79% of businesses). Wearing too many hats (in 56% of businesses). Fire fighting daily operations (in 81% of businesses).

Not setting performance targets for each employee (in 71% of businesses). Employees wasting owners time (in 42% of businesses). Non-existent 6 monthly appraisal systems (in 96% of businesses) Non-existent employment contracts for team members (in 56% of businesses)

Owners needing to focus on employment issues (in 86% of businesses). Not tracking your performance for each marketing media type used (in 96% of businesses)

Based on these Statistics, it is not surprising that ……..

9 in 10 Business Owners Work ‘IN’ & not ‘ON’ their Businesses

Discover ways to work ON your business, so that you can choose not to work IN your business.

Systematise the routine things in your business (which is usually 90% of your business so that you can humanise the exceptions (which is usually the other 10%) Look to improving a 100 little things 1% each, the cumulative effect will be massive Send newsletters/special offers at the crest of your productive season to get the customers to buy during the following troughs Use Guarantees – What is your guarantee and how is it expressed? What else could you guarantee that your competitors couldn’t and don’t? Bundle your products.

Target your marketing - 1.When was the last time you undertook specific marketing activity 2.How many hours do you allocate to marketing each week? 3.How many pounds do you allocate to marketing each month? 4.How effective are you at “pushing” the marketing wheel barrow?

DON’T CATCH THE “F T I” DISEASE

KEEP CLOSE TO YOUR BUSINESS AND IN CLOSE TOUCH WITH YOUR CUSTOMERS.

WALLY SOLD HIS BUSINESS FOR AUS$ 1.5 M

IN CONCLUSION WHAT WOULD I SAY TO ALL OF YOU? “LETS ALL BE A WALLY”