Franchise Money Maker

This article is written and owned by Mark Holmes

Over 70% of small businesses fail in their first few years.
This is because of a fundamental lack of understanding [ on
the part of the business owners ] of how a business should
be run.

These core concepts are essential for small business
success:

1. Vision

You must have a clear goal. What is your business going to
ultimately look like? Think big and bold. Where will you be
based? What is your business model? How much do your want
to be paid? How much day-to-day involvement do you want?
How many employees will you have?

Write down you answers.

2. Strategy

Now you’ve got your goals. The next part is to take a frank
and honest look at where you are now. If you’re just
starting…it’s fairly easy to work out. If you’ve been in
business a while, it may take a little time to make a
brutally honest appraisal.

This will give you your direction for your successful small
business.

Given where you are now, decide how you’re going to get to
where you want to be.

Have intermediate goals. Time Lines. Determine what will
constitute successfully reaching your goals.

3. Plan out your strategy

Create a detailed blueprint of how step-by-step you will
achieve you goals.

Critical details to include:

Marketing

What front end products will your use to attract new
customers? How will you convert them into customers? What
are the exact steps to your marketing funnel?

Fulfillment

Product development, research, and reporting. Product
delivery.

Operations

Customer Service. Finances…reporting and cash flow.
Systems creation. Human resources.

4. Mindset

Every business will have problems and crises. To deal with
these requires determination for small business
success…never give up.

It is important to have an eye for detail. Little mistakes
compound themselves. Have great systems in place so that
your employees simply follow your systems.

A curiosity and hunger for knowledge is essential. Always
be on the lookout to see what successful companies are
doing in other industries…adapt it to your own.
Constantly strive to improve your skills and business
know-how.

5. The role of the successful small business owner

Provide the vision and the direction for your business.
Then measure the performance. What are you doing right?
What needs to be improved? Seek to make constant
improvement in all that your business does…but none more
so that in your metrics.

You must know the answer to the following questions or it
is only a matter of time before disaster strikes.

How much does it cost you to acquire a new customer? What
is the average lifetime value of one of your customers?

These two questions tell you how much you can spend to get
a new customer. All things being equal…whoever can spend
the most to acquire a new customer becomes dominant in
their niche/market.

6. Productivity… for personal and business success

Guard your time. Have a ruthless gatekeeper. Plan everyday,
week and month for the next year. Concentrate on the top 3
activities that produce the most profits for your company.

Automate as many processes as possible using software and
machinery.

Focus on your role as the business owner and delegate or
outsource all non-essential time consuming tasks.

Hire great talent. Be quick to fire those that are not
producing. And remember to hire slow and fire fast.

If you haven’t already, go back through this list and make
notes. Jot down ideas as they come to you. Then…use them
in your business straight away, or block out a time in your
calendar to do it.

—————————————————-
Want to discover more about small business success
strategies and techniques and how to get more done in less
time while increasing your business profits? To learn
insider secrets and powerful tactics
visit http://www.TheLocalBusinessDoctor.co.uk

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