Beginning in Business series: What makes a business successful? Accompanying PDF is Paper 1.07.

1. BEGINNING IN BUSINESS What Makes A Business Successful?

2. 1. High Failure Rate First 5 years – four out of five fail Next 5 years – around 80% Success over 10 years – about 4% www.lewistaxation.com.au

3. 2. Characteristics Of Successful People Keep on knocking Don’t take failure personally Develop vision – be different! Develop action: Persistence Belief Vision Action You only have to get one of these right to be more successful than most other people www.lewistaxation.com.au

4. 3. Develop A Mission Statement www.lewistaxation.com.au

5. Your disadvantages are the same as that of your competitors Disadvantages into unique selling propositions Strategies to overcome disadvantages www.lewistaxation.com.au 4. List Your Disadvantages

6. 5. Prepare A Written System Reproduce excellence on every occasion Not just occasionally! www.lewistaxation.com.au

7. 6. Planning Is Essential Plans for business are the same as maps for tourists www.lewistaxation.com.au

8. www.lewistaxation.com.au 7. Know Your Market

9. 8. Marketing Plan Determine sales targets Demographics of your customers Targets Marketing Strategies www.lewistaxation.com.au

10. Event opportunities: Christmas Easter Local Shows Field Days Valentines Day www.lewistaxation.com.au 8. Marketing Plan cont’d .... Anzac Day Local event celebrations The business’s birthday Sporting Events Race Days

11. SWOT Analysis Product or services Suppliers Competitors Customers Market Marketing Plan Staff Staff Training www.lewistaxation.com.au 9. Business Plan Management Management Meetings Capital Expenditure Profit Target Budgets Cashflow Forecasts Contingency Plan Risk Analysis Check List

12. www.lewistaxation.com.au 10. Succession Plan

13. 11. Do Your Homework On Your Customers Demographics Live/work Why do business with you? Differentiate from your competitors www.lewistaxation.com.au

14. 13. Create A “Professional” Approach System for standard answers www.lewistaxation.com.au 12. Install An Effective Telephone System

15. 14. Create A System For Creation Of Word Of Mouth Referrals “New Customer Systems” Make them feel welcome Unique selling proposition www.lewistaxation.com.au

16. Why do business with you? Different? Experienced? Stock? After sales service? Technical knowledge? www.lewistaxation.com.au 15. What Is Your Unique Selling Proposition?

17. Delivery? Add “real” value? System for handling of word of mouth referrals? Differentiating your business from competitors Unique selling proposition www.lewistaxation.com.au 15. What Is Your Unique Selling Proposition? cont'd....

18. 16. Try And Get Customers To Say WOW! Follow up Guarantee Special equipment for tradespersons Create a “WOW” climate www.lewistaxation.com.au

19. 17. Why Would People Do Business With You? Can’t take customers for granted Test, Test, Test! Testimonials www.lewistaxation.com.au

20. Feedback How can we improve? What else can we do? How do we compare to competitors? Where are our competitors better? www.lewistaxation.com.au 18. Establish A Customers’ Advisory Committee

21. 19. Build Personal Contacts Niche markets Create close relationships Contact six times per annum www.lewistaxation.com.au

22. 20. Show Them That You Care Get closer to customers Use database Are you doing it? www.lewistaxation.com.au

23. Unique experience Referral must match the experience www.lewistaxation.com.au 21. Remember The Power Of Word Of Mouth

24. 22. Develop A Loyalty Ladder Viewers Prospects Customers Clients Advocates This does not happen by accident Viewers should be VIP’s www.lewistaxation.com.au

25. 23. People Want You To Lead And Educate In your product or service To spend money www.lewistaxation.com.au

26. 24. Know Your Target Market With a passion Empathy with your target market “Walk in their shoes” What turns them on? Know thy market! www.lewistaxation.com.au

27. 25. Think Like The Customer Not like the business owner Customers Advisory Committee “WOW” experience www.lewistaxation.com.au

28. 26. Avoid The Curse Of Assumption Don’t know everything Continually communicate Think of you www.lewistaxation.com.au

29. 27. Instil A Belief That You Can Be Trusted Deal with people you can trust Add value www.lewistaxation.com.au

30. Perceived added value www.lewistaxation.com.au 28. Price – From The Customer’s Point Of View

31. 29. Trust Is Important Tell the truth www.lewistaxation.com.au

32. 30. Employ Dedicated Staff Your staff control how much money you make www.lewistaxation.com.au

33. 31. Get The Best Staff Not that much extra cost Difference between success and failure “Director of First Impressions” Uniforms www.lewistaxation.com.au

34. Staff input “Can do” Bottom line profitability www.lewistaxation.com.au 32. Embrace Staff Training

35. Deliberate system Training Staff aware www.lewistaxation.com.au 33. Encourage Up-Selling And Cross-Selling

36. 34. You Must Have Self Belief Leadership Self Belief Winner’s attitude www.lewistaxation.com.au

37. 35. Understand The Leader’s Role Coach, facilitator, mentor, planner and leader Cheer leader “Football coach” www.lewistaxation.com.au

38. 36. CEO’s Role Customer gets the very best Staff are adequately trained Properly planned Bottom line profitability www.lewistaxation.com.au

39. 37. Don’t Be Afraid To Make Mistakes Mistakes are your best friend Learn from experiences www.lewistaxation.com.au

40. 38. Find Something Positive In Everything You Do Work hard, play hard and enjoy life Relaxation Holiday www.lewistaxation.com.au

41. 39. Continually Learn Reading business magazines, newspapers and books Ongoing education www.lewistaxation.com.au

42. Initial planning Adequate systems Give your customers a WOW! experience Capable staff Performing as leader, coach, motivator and cheer leader www.lewistaxation.com.au 40. Attitude For Business Success