Category Archives: Business Builder Series

How to Grow Your Business Wealth on the Cheap. Are You a Leader or a Follower?

How can you grow your business wealth? The options come down to: • increasing the profit per customer, • increasing the number of customers you sell to, and • reducing your operating overheads All the options you have for growing the wealth of your business fall into one of these three categories. Increasing the Profit per Customer. • Increase your selling prices. • Eliminate discounts. • Increase your product and service range( to do more customer jobs better.) • Increase the average sale per customer (companion selling.) • Increase the frequency of loyal customer repeat sales. • Change the customer ... [ Read More ]

Does Your Business Have a Finishing School? How to Invest for High Dividends.

Been to a sports game lately? I mean physically rather than watching on TV? I did recently on a visit to Melbourne and the whole experience reminded me of being in retail. The infrastructure was terrific – the seats were comfortable, the playing surface excellent, the ambient temperature fine, the lighting and sound system let me get the most of the mood and excitement, the ticketing experience was easy and it was great to be able to tap and pay for a drink rather than having to fetch out and manage change. What else was there? The players, of course. ... [ Read More ]

Secrets of The Marketing Multiplier

From Big Data you can now broadly predict that if you fling a given amount of money at one particular marketing strategy and channel you will get a measurable response in sales. As a rule of thumb for a medium sized company to gain a new customer, it can cost you $149 for inbound marketing and $346 for paid search. Marketers talk about the marketing funnel; it has a big wide opening at the top with successive stages culminating in a fairly small hole at the bottom. In the top go your all your potential customers and out the bottom ... [ Read More ]

How to Overcome Cash Shortages in Your Business

Taking Care of Business So you find your business account running out of cash? First, be kind to yourself – you are in an ocean of company that will help give you hope and laughter as you drown. Let’s look at four possible causes of your angst, and what you can do about them. 1. Sales not covering overheads. 2. Working Capital control 3. Owner Draw 4. Theft 1. Sales Not Covering Overheads. Five major reasons for this: • You don’t have enough customers. You may have just started out in business, and so you are still building your customer ... [ Read More ]

7 Steps to Get Yourself Noticed and Swept Off Your Feet

Every minute of every day, 347 people like you and me are posting to a blog – that’s 500,000 blog articles a day, or 182 million per year. So if you were wondering why your beautifully crafted story was getting zilch readers, then now you know the competition you’re up against. It’s a bit like dressing yourself up superbly, practicing all your clever lines then waiting at home with ever-increasing forlorn hope for the phone to ring with a date. Aint gonna happen, Baby! You’ve got to get yourself out there, and know the right places to get noticed for ... [ Read More ]

How To Get Things Done And Save At Least 7 Minutes A Day

I remember once reading the story of an enthusiastic salesman in his new farm machinery territory. He approached an old farmer and was extolling to that lucky gentleman the benefits and features of knowing how this wonderful new invention would help him around the property. The farmer cut him off and said, “Listen, sonny, I don’t use 80% of what I know now, so what am I going to do with this new stuff?” Does this sound familiar to you in your business? How do YOU keep up? I was talking with my sister who has a retail outlet selling ... [ Read More ]

Grow Your Business with Innovation

All entrepreneurs are gamblers, because business owners take risks. But clever business owners do whatever they can to reduce the odds. So how would you like to improve your odds of business success from less than 30 percent to better than 80 percent? Failing Big Time If you’re NOT smart then you’re most likely to be part of the 45% of small businesses that fail in the first two years or the 90% that fail in the first 10 years of existence. I’ve mentioned before in this column that the primary causes of business failure relate to: • a lack ... [ Read More ]

Business Clubs – 6 Ways to Die or Grow Rich

When you looked to start your business did you ask yourself the question, Why? 2 Gambling Clubs You Need To Avoid I would suggest that if you don’t have a future strategy in mind when you start out in business you are more likely operating on hope. You drift into membership of the 55% Club, those whose business doesn’t last 4 years. Crash and burn. Or the 90% Club, those who are living the nightmare of subsistence earnings with net profit at 10% or less, but no savings for the future. Wither and die, slowly and painfully. Do Miracles Happen? ... [ Read More ]

How Robots Can Help Save Bali’s Rice Industry

Living up in Ubud I enjoy immensely the changing cycle of rice planting. The vibrant greens, the harvesting golds, the ducks on parade, the fields of glistening level mud, and the delicate seedlings planted out in rows again. Such a romantic vision and one that typifies the Bali brand. It is one of the key attractions that brings us all to Bali, so even not seeing it but knowing it’s there is enough to keep the millions coming to Kuta every year, with not a rice field in sight. I see many an archetypal Balinese rice farmer up here. He ... [ Read More ]

This Little Piggy Went to Market

Are you getting a great bang for your buck? “Marketing is the process of communicating the value of a product or service to customers, for the purpose of selling that product or service. “ Wikipedia I like to summarise marketing into these key roles: • Market analysis – size and quality • Awareness • Image – Promise • Optimising distribution channels • Reinforcement Market Analysis • What market niche does your product/ service best support, in terms of jobs to be done? • What unmet needs will your value proposition exploit? • How big is the pond? Will your efforts ... [ Read More ]