The Australian Small Business Blog

Wednesday, March 25, 2020

Fear of Missing Out



by Dr Greg Chapman


With the current COVID-19 created toilet paper panic, we can see a basic human reaction, a Fear of Missing Out (FOMO).

Because of a relative few who bulk bought, whether through genuine fear, or by opportunists who thought they could profit from panic, and the latter certainly exist, the rest of the population felt they had no choice but to join they buying spree, because they really were missing out. In the case of toilet paper, supply is not limited, it’s excess demand. Woollies have said the demand is for 7 weeks of supply EVERY day. This is the madness of the crowds and not something manufactured by retailers.   More...
 

Monday, March 16, 2020

Are there Parasites Eating Your Profit?


by Dr Greg Chapman


Many hard working business owners find that in spite of an apparently healthy turnover, at the end of the month, there is little left over to pay themselves. The sales have been ok, their costs have not risen appreciably. What is eating their profits?

Even though sales may have been healthy, there are a number of factors that can be holes under the water line of your Profit Statement – invisible to the naked eye.

Thursday, March 12, 2020

Ad of the Month – Changing Old Habits


by Dr Greg Chapman


What if you wanted to open up a new product category which would require people to change entrenched habits? A product that replaces an older category, one that has benefits consumers clearly enjoy. To do this requires you to show that these benefits can still be achievable without the downsides of the old product category, downsides that all consumers know about and dislike.

This is what this company tries to do.

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

The Five Pillars of Guaranteed Business Success

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