The Australian Small Business Blog

Friday, September 30, 2016

Does Your business suffer from Growing Pains?


by Dr Greg Chapman


Busier than a one armed wallpaper hanger? Don’t have time to scratch yourself? Have a waiting list for new clients? Has previous exponential growth rate has slowed to a crawl? If so, then it’s likely your business is experiencing growing pains.

Chances are you are working longer hours than any of your staff, and are the last to get paid. Your business is a victim of its own success.

If you do take any time off, when your return, you wish you had never left. It’s as if nothing happened at all when you were absent. Sure, work was done, but nothing progressed, and your inbox is full of unanswered enquiries. Your business has become its own version of groundhog’s day. While it feels like a trap, it’s also an opportunity.



Wednesday, September 28, 2016

The Fourth Profit Driver – Increasing the Number of Times a Customer Buys


by Dr Greg Chapman


In an earlier article I described marketing system. The fourth of the Five Profit Drivers is Increasingthe Number of Times.a Customer Buys from You.

It is six times easier to sell to an existing customer than to sell to a new one, yet businesses spend more time finding new customers than going back to their exiting ones to see if there was something else with which they can help them. The best place to find gold is in a gold mine!

One business owner told me how a client they hadn’t heard from in 3 years had called him. The owner thanked them for contacting them again after all this time, but the enquirer had not realised they had used him before. It was just luck that this customer had called him again, but how many others had forgotten him and gone somewhere else?

Friday, September 23, 2016

Getting a referral from a Psychic


by Dr Greg Chapman


Have you ever received a referral from a psychic? I have. How did you manage that you might ask?

Recently I was contacted by a business owner needing assistance, and after a short introductory conversation, where we agreed a further course of action, I asked her (as I hope you ask all your enquirers) “How did you hear of me?”

Wednesday, September 21, 2016

Ad of the Month - Keeping Your Attention


by Dr Greg Chapman


In this fact paced, instant everything world, attention spans are measured in nanoseconds. Keeping an audience’s attention long enough to demonstrate your product is becoming an ever greater challenge. So if your product is bigger, lighter or faster, you have to think of innovative ways to demonstrate this in 30 seconds or less.

Friday, September 16, 2016

Laser Marketing - Butcher, Baker or Candlestick Maker


by Dr Greg Chapman


So you have designed a widget for red headed, left handed Candlestick Makers with size 7 shoes. You know they will love it, but how will you find them without spending large sums of money, most of which misses the target.

You could put an ad in the Candlestick Makers Monthly, or exhibit at their annual trade show, but since most Candlestick makers aren’t left handed redheads who wear size 7 shoes, you are paying for the privilege to market to the 99% of candlestick makers who aren’t your customers just to find the 1% who are.

But that’s the old way of doing things.

Wednesday, September 14, 2016

Are all Your eggs in one basket?


by Dr Greg Chapman

Where are all your enquiries coming from? If it’s just from one or even just two sources, this may become a majorissue for your business. One colleague I know was getting 90% of his business from a single department of a telco, then they got a new CEO who sacked the whole department. This person didn’t really have a business, he had a job with overheads and wasn’t in control of his destiny.




Supermarkets often source their home brands from small business for whom the supermarket provides most theirbusiness and to whom they are hostages. Other businesses I know depend on one or two referral sources. What happens if a competitor comes and forms a better relationship with the referrer?


More...




May You Business Be - As You Plan It!

Subscribe to this Blog for more Small Business news and tips.

Share this article:Are all Your eggs in one basket?



Over to You. What do You Think? Post Your Comments Below. [Note to those seeking a free ride on our google ranking, blog spam will be deleted,but genuine contributions will be happily published.]

Dr Greg Chapman is the Director of Empower Business Solutions 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. He is also the author of The Five Pillars of Guaranteed Business Success and Price: How You Can Charge More Without Losing Sales.



Promote Your Business on our Facebook Fan Page


facebook_button.png
The Australian Small Business Blog

To send this article to a friend, click on the envelope below.

Friday, September 09, 2016

Forget the 80/20 rule...


by Dr Greg Chapman


The 80/20 principle, also known as the Pareto principle, has been an extremely useful means of focusing on what matters. General examples of this principle are:

“80% of wealth is owned by 20% of people”
“80% of traffic is on 20% of our roads in our city”
In business, this principle is also useful:

“80% of your profit comes from 20% of your sales”
“80% of your complaints come from 20% of your customers”
“80% of sales come from 20% of your clients”

No doubt you are nodding your head with these examples, and could come up with many more besides.

Now there is another principle: 120/20 principle which implies 20% of your effort produces 120% of your results. The other 80% is actually a loss to you. In other words, the 20% subsidises the remaining 80%.

Tuesday, September 06, 2016

Family Business - How to Make Them Work


by Dr Greg Chapman


Around 70% of businesses in Australia are family businesses, from the humble cafe or B&B to some of the biggest businesses in the country. While it sounds great to work with your family members, only 17% of family businesses make it past the third generation with over 79,000 ceasing trading in every year destabilising Australia’s social and economic fabric. Management/strategy, succession and conflict management are just a few of the issues that face every family business.

In this expert interview, learn about best practice in managing the issues that arise in family businesses.

Friday, September 02, 2016

The Five Pillars of Business Success


by Dr Greg Chapman


This is an interview by Business Victoria with Dr Greg Chapman

Whether you are responding to an external opportunity such as new customers or grappling with internal pressures, you can grow your business successfully. By building key foundations, it is possible to continually increase your profits for several years. Whilst good general management can produce organic, steady business growth, you will need to update and refresh your business with these five foundational steps in mind to see quantum leaps that are sustainable.

1. Have a vision and work towards it

Understanding where your business is and where you want it to be is the first step in planning. Make sure your plan:
• is simple (even if it's just one page)
• is not just ‘in your head’ or ‘in your bottom drawer’
• has any vision you choose but it must have one
• includes goals and steps to be taken to reach those goals
• aligns your business with family and lifestyle aspirations
• has mitigation strategies to cope with change - both in good and bad times.

Whether you prepare it yourself or use a business professional for an objective outside view, remember the thinking that goes into a plan is as important than the document itself.

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