Recently I did a radio interview with Australian business consultant Mick Hawes (you can listen to it below). One of the topics we discussed is the difference between small business owners and entrepreneurs and techniques small business owners can take to become entrepreneurs, create more profit and reduce the burdens of small business.
Obviously during a short interview it’s not possible to go into depth about strategies to grow small businesses into large businesses and change from a small business mindset to an entrepreneurial one so I just wanted to highlight a couple of the points:
- Don’t allow a business to become an emotional attachment, a business is a separate legal entity and it should never be your “baby”. This will enable you to make logical decisions instead of emotional ones.
- Don’t buy into the myth that you can build up a business yourself then take on employees to do your jobs so you can then go and sit on a beach while your business runs itself.
- Develop an exit strategy NOW. This could be selling to a competitor in 3 years or it could be selling shares or getting management to buy in and leave you with a controlling stake and profit share. The options are endless but be clear how this will work and stay focused on achieving your exit and when you want it to happen.
- Delegate. Small businesses often stay small businesses purely because one person can only be responsible for a certain amount, there’s a ceiling that will be reached very quickly unless you learn to give responsibility to others.
- Develop other projects, businesses or products that can run alongside (but separately) from your existing business. Don’t put all your eggs in one basket.
- How can you keep costs and commitments to a minimum whilst still allowing your businesses to grow? Can you outsource instead of employing? Can you “partner” with a supplier with exclusive supply rights to tap into their resources?
- It’s OK to go back to the drawing board and start again with a clean sheet. Does your business have too many overheads? Is your pricing correct? Are your products and services providing enough or appealing to your client base? Can you “re-engineer” your products and services or create new ones to break into new markets and appeal to clients at different levels and create a better profit margin with minimal effort?
- Is your business sales oriented? Telling is not selling. You must learn how to set sales and revenue targets and make sure they are met. Not just monthly quarterly and annually but daily and weekly. Do you know how to calculate those targets correctly and motivate your sales team because you know how to generate and close sales for your products and services? If you don’t have a sales team do you know how to effectively do those things yourself so you can build the revenue to get a sales team?
If you’d like to know more I am now running a business mentoring program and taking on only 10 people for the next intake this June and July. You will get direct access to me and we will talk regularly to go through your individual business circumstances and work on strategies together to create a more profitable and valuable business for you.
Here is one of the many great testimonials I have had from the last group I mentored:
“After having had ‘one too many’ less than positive experiences with a so called ‘mentor’ I have found Matt to be a breath of fresh air.
Naturally, I started off with an air of misplaced cynicism but the fact is there’s no BS, just plain hard facts and I have learned a lot about myself and how I have dealt wrongly with things in the past.
Matt has encouraged me to ‘man up’ effectively and I have become much more commercially minded about my business, which I always felt guilty about before. I now know that I can develop my business whilst retaining and enhancing my desire to help and empower others.
My coaching sessions with Matt are always full on and, no matter how weird a question I ask, he is able to give me clear, actionable advice which I try to implement straight away.
I have already seen a marked increase in the number of enquiries I am receiving and, because I am handling all aspects of my business in a clearer, more focused way, I’ve also seen an increase in my revenue streams across the board. For example, my upcoming workshop for Aspiring Wedding Planners in May is almost completely sold out already due to Matt’s valuable experience in sales and marketing. I would fully recommend signing on with Matt to anyone who really wants to make a positive difference to the way they approach their business and, by definition, their life.”
What my business mentoring includes:
- Initial Skype or telephone call with me to discuss your current situation, whether you are just starting out or whether you want to improve your existing business we will look at what you want to achieve and some initial steps and plans to put in place.
- Direct advice from me on all the topics already discussed above plus sales and marketing strategies that really work, increasing profit margins, developing new products and services that can be sold instantly to existing customers and new markets easily, business growth without breaking the bank, growing a small business into the type of business you want and many more with the ability to email me with any questions or updates whenever you need to.
- A separate 1-to-1 Skype or phone call every 2 weeks to discuss progress, new strategies, which steps to take next and how best to implement them.
- My personal email address so you can email me and ask questions or get feedback any time.
- Private group page so you can share ideas and ask questions for me to answer that might benefit the group. Network and discuss ideas with others in my mentorship group (past and present). Plus a regular online meet-up on the group page to share ideas on a set topic and do a Q & A.
- No minimum term so you can opt out at any time when you feel you have got what you need from it.
Because you will be getting real time from me and it requires a serious commitment from me I can only take on 10 people for each group intake so sign up quickly if you are interested, the last group was fully subscribed in 6 days and because of the success of the last group and the low price of only £35 GBP or $59 USD, I suspect it will be fully subscribed even quicker this time. This is the lowest price coaching and mentoring program I have done and will ever do.
This is open to anyone from any country and you can pay in any currency (PayPal will do the conversion), I have just setup the payment buttons below in the 2 main currencies my clients usually use (£ GBP and $ USD) but you can use either they are essentially the same amount.
If you would like some help with marketing your business or just to share your experiences I would really like to hear from you. Get in touch via the form below and I will email you back.