by Dr Greg Chapman
Are you tired of working backbreaking hours in your business without getting the rewards you deserve?
For most business owners, working harder is not the answer. They are already putting in the hours. In fact working less hours is a better approach, if those hours are spent doing the right things.
There is a process that business owners can follow to achieve their goals. Here are the 7 Steps to turn your business into a profit machine that runs without you:
1. Understand the fundamentals of the profit structure of your business. Is it really profitable? Does every sale make you money?
2. Determine what it will take to make your business profitable. How many sales, at what price for which products or services. If it is profitable, use your understanding of your profit structure to set goals to drive your growth in the most efficient and effective way. If not, find the black holes in your business being subsidised by the more profitable parts and make them profitable by re-engineering them.
3. Develop a deep understanding of your points of difference. If you are not clear about your points of difference, how can you customers be clear? If they aren’t, they will only buy on Price. Without this understanding, your marketing efforts are likely to be largely wasted.
4. Create a Marketing Plan driven by activity that will generate a continuous stream of enquiries so you always know where the next customer will come from. Your Marketing must be measurable so you can control it.
5. You must have a Sales Pipeline that takes the enquirer to a sale systematically and efficiently. This step alone could double your turnover.
6. Create Business Systems so that work can be given to others to perform. With the Marketing and Sales system in place, you will have the confidence to bring in new people to your business so you have time to work ON your business.
7. Set-up a Business Management System that allows the reporting of all aspects of your business so you know that things are being done the way you want, by everyone in your business, all the time, even if you are not there.
These 7 steps will turn your business into a Saleable Asset because it is a Profit Machine that does not depend on you.
May Your Business Be –As You Plan it!
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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.
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