Are you looking to buy or sell a business? either way, I'm going to share with you 3 parts to growing your business.
Steven Covey said... "Begin with the end in mind" and that couldn't be more right when it comes to business.
In May 2012, the Reserve Bank of Australia (RBA) published a report titled ‘Small Business: An Economic Overview’.
The bad news is that survival rates for small businesses are very poor. In the period 2007-2011:
60% of sole proprietor (no staff) businesses failed;
40% of 1-4 person businesses failed;
35% of 5-19 person businesses failed; and
40% of small businesses were not profitable
For more than 8 years now I have worked with hundreds of businesses all over Australia and what is the difference between a successful business and one that's not? When you work with that many businesses you tend to see patterns.
You would have to be an IDIOT not to see what works and what doesn't by now after seeing all those patterns!
I have seen these patterns and all I have done is codified it and have called it "The Business Growth Formula".
What is the business Growth Formula? Let's look and see exactly what it is.
To make this easy to remember I have broken the formula into 3 parts.
The Business Growth Formula
3.Feeding The Machine
The first part is all about you. All about your mindset my friend.
In order for you to perform at your peak, your peak performance, your mind needs to be in the right place. Now let me ask you... do you think you will get better results at what it is that you're doing with a good thought or a bad thought? A good thought...
But that's not common these days, the question is, is it about what you want or what you don't want. You CANT think about what you DONT want to think about WITHOUT thinking about it... NOW THINK ABOUT THAT! :)
You can't think about, what you don't want to think about without thinking about it. So if i was to say, don't imagine a blue tree now... What are you thinking about? Your probably thinking or thought about a blue tree... but wait a minute, i told you NOT to THINK ABOUT A BLUE TREE.
Another example couple be I don't want to get behind on my bills... if I continue to think, I can't get behind on my bills, all my mind is hearing is behind on my bills, behind on my bills, behind on my bills.
On the other hand, I could say I want to make more money and manage my bills better.
The issue with thinking about what you don't want is it produces inconsistent results. Thinking about what you want, totally about what you want produces consistent results.
At the end of the day, whether we like it or not, your mind cant process a negative thought, it takes it personally... so it's probably best we begin to think about what we want, rather than what we don't want.
That's a good place to start.
The next part here is your machine! The machine is looking at your business and the ground work.
Every successful business needs to address and work on the following 3 areas:
Your marketing, sales and delivery of your products or services.
Marketing essentially means the relationship between your business and your customers.
When you're working on your marketing, one of the major techniques for you to begin to consider is something called your avatar. An avatar is a profile of all your customers into one person (category). You may have more than one avatar but the point of doing this is to visualize who your customer is. What there major problems or opportunities area.
Once you do this, you'll find that you'll be able to communicate with them in a more effective way.
Sales, well take a minute and think about what would happen if nothing was sold in the world? It would stop!
The word "selling" actually comes from the Norwegians, it means to serve. Once you make this shift and see selling as a way for you to serve your customers it will transform your sales results and communication. It takes it from a receiving point of view to one of giving. And Zig Ziglar always said, "You can have everything in life you want, if you will just help enough other people get what they want"
Delivery, when I say delivery I mean the journey of your customers going from a prospect into a raving fan!
I'm going to explain this to you in a dating analogy. When you first meet a potential spouse... you don't go ahead and get married right away do you? Well it's not typical these days! And why is that? It's because there isn't any rapport yet, there's not trust, you need to find out if you actually like each other first.
So the delivery method that works for a business is simple. It's to have a lower ticket item first or this may even be giving away something for free, this is purely to provide value and this is called a "Lead Magnet". Then the second step is to have what we call a "tripwire", this product or service is there to turn that prospect from a prospect into a customer. It is a lower ticket item or service just to either get you in the door, or to get them in the door as a customer.
And finally is your Core Offer. This is what you are known for, think about the journey you have taken your customer on in this process. You have offered so much value and at the same time have built that relationship with them.
Now we have "The Machine" taken care of. Or most of it.
Feeding The Machine
The next step is to "Feed The Machine"
How do we do that? By getting traffic, turning that traffic into leads and finally getting more conversions.
If you are not online, you need to be. And the best traffic sources to utilize right now is Google Adwords, SEO & Facebook.
Now to get the best results It's a full time job to each one of these sources to work to their best potential so I would recommend either hiring someone to do it in house or getting a company to do it for you.
If you're going to get a company to do it for you then research, research, research EVERYTHING about them. Look for reviews online, contact their existing clients, past clients and don't sign any locked in contracts.
The Business Growth Formula is a proven formula to growing your business. It's a live event that is only run 4 times per year giving you clarity, the latest techniques and strategies and tools to get you to where you want to be.
All the best,
Founder of The Business Growth Formula