The Australian Small Business Blog

Sunday, August 26, 2007

Five Reasons Businesses Stay Small







This is an edited extract from “The Five Pillars of Guaranteed Business Success” by Dr Greg Chapman, to be released shortly.

The biggest risk for most businesses, if they survive the first year, is not whether they will fail. Most won’t. The biggest risk is that they will stay small. Whether by design or not. Recent ABS data show that 98% of micro-businesses stay that way. That is, they are Micro-Stayers.

There are a number of reasons that businesses may stay in the Micro-Stayer group. It could be a lifestyle choice. Work-Life balance is becoming more and more important to many people. It may be because they don’t have the knowledge to take their business to the next level, and become frustrated Micro-Stayers. Or they may have progressed from frustrated to resigned Micro-Stayers and have adjusted lifestyle and ambition in recognition of this.

Businesses that involuntarily stay small, the Micro-Stayers, do so for five key reasons.

1. No Vision for their business. Without a vision, it is not possible to create a plan. The business becomes directionless. Without a vision it is impossible to work out which opportunities to say yes to, and just as importantly, which ones to avoid. Owners without a vision find decision making difficult. They are fashion followers. They expend a lot of time and money trying different things then dropping them when they don’t get immediate results.

Without a vision, you cannot have a strategy. Strategy is the lever that lifts you to the next level. A strategy focuses your efforts and resources to where you will get maximum value. A Laser Beam rather than a Light Bulb. Strategy gives you the biggest Bang for your Buck. This is particularly important when you don’t have too many bucks.

2. No Passion or Commitment. Passion comes from the right vision, and creates the Commitment that will drive you to achieving your goals. If you are passionate about your business, you will be prepared to make the sacrifices in time, money and effort to achieve your goals.

Passion infects others. Your staff, your suppliers, your customers. If you have no passion for your business, why would anyone else around you? And when others believe as you do, you can turn mountains into molehills.

Commitment will drive you to persevere. Any plan will have flaws. But without commitment, you can be diverted by even the smallest obstacles to achieving your goals.

3. No Goals or Plan. On its own, vision is not enough. Your vision may be that you will be best in town, and to be the dominant player, but if you don’t set goals and plan, your vision will remain a dream, and we all know how often they come true! As you create your goals and plan, you will start identifying opportunities. Many people believe that they don’t get the opportunity, but if you don’t know what an opportunity looks like, it will pass you by.

If you continue to miss opportunities as they are presented, the chances are that your business will not grow.

Plans also create a belief in your success. If you have no plan, how can you realistically believe you can be a success? What creates belief is a great plan backed up by knowledge. If you have both of these, why wouldn’t you have the confidence that you would be successful?

4. Owners not Valuing their Time. You only have 24 hours in the day, and how you spend those hours will dictate whether you will be able to achieve your goals. It is not possible to work on your business when you are spending all your time working in it. If you are spending a lot of time doing tasks that you could pay others to do, you will never be able to grow.

But owners don’t pay others to do work because they don’t have the vision of how their business will be and the belief that their business will be a success. If you know your business will be successful, employing others to undertake work for you is just part of your plan.

5. Lack of Business Knowledge. This may be obvious, but it does not mean you have to be an expert at everything. But the fundamental business knowledge such as the concepts in this book, will enable you to seek out advice and support in those areas in which you are not expert.
When you value your time, you will also understand the value of knowledge. After all, the right kind of knowledge can greatly increase the speed at which you reach your goals. If you achieved your 2 year goals in one year, how much would that be worth to you? How much would you be prepared to invest to attain such knowledge?

Even so, people are concerned about the price of knowledge. But you can get knowledge in many ways. From buying a book. Can’t afford a book? Go to the library! Courses are fairly low cost. Individual advice is, of course, more expensive, but it is much more specific to your business and is likely to produce faster results.

If an owner is not willing to invest in their own education, and sees that as a cost instead, they have just resigned themselves to the school of hard knocks which usually extracts a far higher cost than any of the previously mentioned ways of gaining knowledge. Lack of knowledge creates a ceiling for your business.

If business owners don’t address ALL of these key factors, they are unable to grow beyond a certain level, and the owner becomes frustrated, and ultimately resigned to being a Micro-Stayer. Successfully implementing the Five Pillars will ensure that you will address all of these reasons businesses stay small.

Please Contact Dr Greg Chapman at www.GregChapman.biz for more information on “The Five Pillars of Guaranteed Business Success”

May Your Business be as You Plan It!

Dr Greg Chapman

Over to You. What do You Think? Post Your Comments Below.

Dr Greg Chapman is the Director of Empower Business Solutions and The Australian Business Coaching Club and is Australia's Leading Advisor on Emerging Businesses and provides Coaching and Consulting advice to Australian Small Business Owners in Marketing & Business Strategies Planning & Systems.

Share This Article: Five Reasons Businesses Stay Small

To send this article to a Friend, click here
Share this article with your online social network when you click on the links below.

Sunday, August 12, 2007

The Fifth Pillar








Most readers of this blog will already be aware of the

Four Pillars of Guaranteed Business Success

The first version of this, as my longest and most loyal subscribers know, was only 10 pages. It was, to be honest, a piece of marketing hype. Then I created a new version of this book which was a 10,000 word marketing brochure, although it contained some real content, unlike the first version. Many subscribers have complimented me on the quality of the information of this eBook, which if you have not received your own copy, can be downloaded FREE from the link above.

Some have told me they have taken the eBook as a blueprint for their business. Maybe I provided too much information to these successful people, as they never actually engaged me as their coach, relying only on the information in the eBook. However, I am always very happy to share what I know. My philosophy has always been the more you give, the more your receive.

While the feedback from this eBook has been extremely positive, I have been dissatisfied to the extent, that while the information was very highly valued, it did not result in action by owners to improve their businesses as often as I would have liked. So this year, I decided to move from the virtual world with a physical book that describes in some detail, the action Business Owners need to take. This book is called:

The Five Pillars of Guaranteed Business Success.

One extra Pillar! The Fifth Pillar is the missing piece in the puzzle. The piece that makes the difference between thinking about success, and being successful. The book is several times the length of the original and provides a step-by-step plan for Business Success. It is due to be published in September.

To find out more about the book, you can either watch out for further information on this blog or contact me directly.

May Your Business be as You Plan It!

Dr Greg Chapman

Over to You. What do You Think? Post Your Comments Below.

Dr Greg Chapman is the Director of Empower Business Solutions and The Australian Business Coaching Club and is Australia's Leading Advisor on Emerging Businesses and provides Coaching and Consulting advice to Australian Small Business Owners in Marketing & Business Strategies Planning & Systems.

Share This Article: The Fifth Pillar

To send this article to a Friend, click here
Share this article with your online social network when you click on the links below.


The Australian Small Business Blog

Wednesday, August 08, 2007

Take Your brand and Network It



A brand is not a logo, but it shows the way.

Is not a product, but it addresses a customer need.

Is not an identity, but it contributes credibility and a sense of quality.

OK, What is a brand? It's the way it makes the customer feel. It's the gut feeling, the emotion created, the buzz you have when you own the feeling, all created by the product, service or organization.

Consider in your own life what gives you this feeling and can you create a way to have others feel the same way. When you achieve this people say you have a personal presence and charisma.

So in your business and business life what will allow you to develop a presence and charisma, can you create an emotion that people feel when they do business with you. When you achieve this you have a brand or you are the brand.

We have understood this from the beginning and has joined a multitude of networking organisations and attended other like-events to create The Banner Lady brand. We recommend the following Organisations where you can learn and practice the skills of creating and developing a brand.

Business Network International (BNI)
FBI Institute
Networx
Network Central
Wealthnet Entrepreneurs Program
Business Mums
Nationwide Networking
Australian Business Women's Network
Club 3004
International Women's Federation of Commence and Industry
Speed Networking
Paragon Club
n-Liven
Family Business Australia
BarterCard
Westend Business Association

You can use these types of events to drive the brand in the direction which is most beneficial to the business, taking your brand to a new level of awareness and using your brand to its advantage. The brand is not what you say it is, but what the customer says it is!

More Reading: The Brand Gap by Marty Neumeier is an exceptional book on branding.

Over to You. What do You Think? Post Your Comments Below.

Richard Gill is the director of The Banner Lady.

Share This Article: Take Your Brand and Network It

To send this article to a Friend, click here
Share this article with your online social network when you click on the links below.




THE AUSTRALIAN SMALL BUSINESS BLOG IN TOP 100 GLOBALLY

Awarded Top 100 Small Business Blog

Award from Feedspot, the international RSS blog syndicator.

Featured Book

Dr. Greg Chapman is also the author of
The 5 Pillars of Guaranteed Business Success

The Five Pillars of Guaranteed Business Success

Facebook

Twitter

LinkedIn

Goggle Plus

Atom Feed