Archive for the ‘Product and services’ Category

In my last blog, I offered 5 simple steps to help you assess the fitness of your business before you start considering growth and even just to make sure it’s healthy.

A traditional SWOT health check will help you take a closer look. I offer a few questions under the four quadrants to get you thinking but you will think about a lot more as you work through this mini SWOT.

 Strengths of your business:
• What is your Unique Selling Point? What do you offer that your competitors don’t?
• What is your business good at? Where do you excel?
• What resources do you have in place that strengthens your business? Eg finance, people.
• What personal strengths do you bring to the business?
• How well do you know your (current and potential) customers?

Weaknesses of your business
• What areas of your business, service or product can be improved upon? Eg processes, people management.
• What are specific areas of challenge for you and the business and what impact do they have on your business?
• How much does your business rely on you or any other person? What if something happened to you?

Potential threats to your business
• Who are your competitors?
• How much don’t you know about your customers?
• What external threats are facing you? (eg interest rates, new competitors)
• What is the impact of these on your business?

 Finally, what opportunities are there for you out there?
• What are your competitors doing that you could be doing?
• What are the trends in the market place?
• What can you outsource to give you more time to plan and do what you do best?
• What technological advances could you be utilising better?
• How do you plan to keep ahead of the field?
 
Now to action!

What is the one thing you’re going to commit to do in the next 7 days that will take you one step closer to eliminating one of those weaknesses? I would love to hear about it!

Do you want support to STEP UP your business?

Join a monthly forum of success orientated Kent business owners ready to brainstorm and take action on issues preventing you Stepping Up your business! Click here for more information and to register your interest.

In my last 2 blogs I talked about the importance of being clear on your strengths and values to help give focus on what you want from your business – the real foundation from which to build upon the success of your business. Once you have this foundation, and before you start building further, you need to check what’s built on it already – your reality check or health check.

I carried out this check on my business when I realised that I was relying too heavily (and almost solely) on one income stream. I knew I had to make a shift to create a coaching business with multiple income streams to offer more diverse services to my clients and importantly to give me security of income.

Set yourself up for success

My business model is pretty straightforward compared to many small businesses that have a number of products and services. The following simple, yet key, steps will get you started on clarifying where you are, before you start setting goals for growth so you can set yourself up for success.

1. Know your financial position. Don’t abdicate responsibility for your financial security to your accountant, they will not want you to. Work with them to make sure you have an awareness of your financial situation, your break-even point for survival, your turnover, cash flow and the profit you are making. Ask for expert financial advice or help in understanding the overall picture and how the way you are doing business impacts the bottom line.

2. What is your current organisation structure? Are you clear who has responsibility for what – and do they have the authority they need to deliver?

3. Review what products and service you offer and to whom you offer them. Know as well as possible the profit margin you get on each service and product so you can make informed decisions if a product or service is worth providing.

4. Take a good look at your client base. Look at the profit, not just the income you get from each client to make sure they are worth keeping!

5. Finally think about the part you play in the running of the business and analyse it against your strengths and values. Is there a good match?

In next week’s blog I will be looking at a SWOT analysis with you. Many will have carried one out within their business and it is an invaluable tool for recording where you are now and planning for growth.

Do you want support to STEP UP your business?

Join a monthly forum of success orientated Kent business owners ready to brainstorm and take action on issues preventing you Stepping Up your business! Click here for more information and to register your interest.

Sounds like common sense I know – but having real clarity on your products, services and your niche market will provide a solid foundation for an effective marketing plan.

Integral to your business vision, must be clarity about what you have to offer, and to whom you are likely to sell it. Addressing the following questions will help focus you on what action to take before you are ready to invest in marketing.

Be aware if you are product or market driven:

• Do you have a product you want to get to market?
• Do you want to create a product that the market needs?
• Is it a combination of both?

Know your target market:

• What do they look like? Actually visualise and describe your prospects so you get into their head and see your company and services through their eyes.
• Where do they hang out? Where and how can you get access to your prospects?
• How much choice do they have? Which of your competitors can they also buy from?
• What is most important to your customers in the way they do business?

What products and services you have to offer:

• What solution do you offer your client? Focus on benefits not just features.
• What is your pricing structure? Know the profit margin for each product/service
• Is your pricing and profit margin dependant on your client eg residential or business, small business or corporate?

You may need to do more market research and scrutiny of your accounts before you can answer all of the above in detail. But once you have, you will be better positioned to write a marketing plan that ensures you reach a target market for whom you have a solution that they want and need to buy.

*****

Denise has designed a comprehensive coaching programme based on the work she does with her VIP clients. The programme may be accessed on line and/or through her 1-2-1 programme. Contact Denise for an informal discussion to find out more or visit www.denisemolloy.co.uk. Even better, come and meet her at Kent 2020 7 April at Detling Show Ground

For those of you that are local to Kent, please do come and see me at the Kent Business Show at Detling.

It will be a chance to meet you in person or an opportunity to catch up since we last spoke.

You will find me on stand 004c, where you also will have the opportunity to win a strengths profile and discuss the findings in a 1-2-1 coaching session to help you to maximise your potential and build your business success.

Entrance is FREE so do come along and network. Here’s the link

Hope to see you there!

Denise