How to have success in your new/small business
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The document discusses the three roles that every small business owner takes on: entrepreneur, manager, and technician. It notes that most small business owners start as technicians and get into business to do the technical work they enjoy. However, being a successful business owner requires balancing all three roles. The document provides tips for developing a business blueprint, understanding the phases of business growth, creating systems and processes, and focusing on customers. It emphasizes that the key to success is adopting an entrepreneurial perspective and building a business system rather than just doing the technical work.
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How to have success in your new/small business
- 1. How to survive the big entrepreneurial lie Presented by: Reg Gupton, MBA Creative Growth Seminars 1919 14th, Suite 805 Boulder, CO 80302 www.businesssuccessvideos.com [email_address] 800.418.0401
- 2. How did you decide to begin your business? An Entrepreneurial Seizure Doing technical work Real good at it For someone else.
- 3. Fatal assumption If you understand the technical work of a business, you understand a business that does that technical work The technical work of a business and a business that does that technical work are two totally different things!
- 4. The technician suffering from an Entrepreneurial Seizure turns the work he loves into a bad job.
- 5. Every small business owner is: The Entrepreneur The Manager(a.k.a., The Boss) The Technician
- 6. The Entrepreneur Lives in the future The innovator, grand strategist Creator of new markets Extraordinary need for control Supreme need for change Rapidly outdistances those around him Surrounded by the sound of dragging feet.
- 7. The Manager (a.k.a., The Boss) The pragmatist Brings order, planning and predictability Lives in the past Compulsively clings to the status quo Sees problems everywhere Builds a house and lives in it forever.
- 8. The Technician The ultimate doer “ If I want it done, I have to do it yourself” Lives in the present Happiest when working but only on one thing at a time Thinking isn’t work, it just gets in the way Only interest - how to do it Verges on stubborn
- 9. The typical small business owner 10% Entrepreneur-Wakes with a vision 20% Manager-Screams “Oh no” 70% Technician-while the battle rages Goes into business for himself
- 10. Your Success Blueprint Describe what your company does What you sell How you sell it Who you sell it to What is your philosophy towards your customer How have your methods of doing business changed since your started your company.
- 11. Your Success Blueprint What is your vision for your business 6 months 1 year 3-5 years 10 years What is your biggest strength What is your biggest weakness.
- 12. Your Success Blueprint Describe your ideal customer What is the biggest customer complaint about your industry? What are you doing about it? What are you doing to catch up?.
- 13. Three phases of Business Growth Infancy Adolescence Maturity
- 14. Infancy The owner and the business are one and the same thing You believe, there is no one like you You are the best You love and live it Then you start falling behind Infancy ends when the owner realizes that it can not go on like it has been.
- 15. If you are a technician It is complicated, frustrating and eventually A Demeaning Job. The purpose of going into business is to get free of a job so you can create jobs for others.
- 16. Adolescence Begins when you realize that you need some help It is inevitable What kind of help will you seek? Hire team full part time Consultant Technical help Management by Abdication.
- 17. Only three choices Get small again Go for broke Adolescent survival fighting day to day same battles same way never change.
- 18. Maturity The third phase Start as Mature Companies Totally different perspective The Entrepreneurial Perspective?
- 19. The Entrepreneurial Perspective Tom Watson
- 20. What is this perspective? How does it look? How does it act? How does it do what it is supposed to do? How must the business work? A system for producing outside results - for the customer Begins with a picture the future.
- 21. The key questions Where do I wish to be? When do I wish to be there? How much capital will it take? How many people, doing what work, and how? What technology is required? How large a space will be needed? When?.
- 22. Your most important asset Great, educated, discriminating, loyal customers
- 23. What are your current sources of business? Repeat Referrals Cold Calls Media Ads Past customer referrals Web Site.
- 24. Your ideal customer?? Demographics who? Psychographics 1 why?. 1 The characteristics of an target audience based on its values, beliefs and attitudes.
- 25. The Five Gates of Customer Selection 1. Can you satisfy their basic business needs? (at a profit) 2. Can you meet with the key decision maker? 3. Are they qualified? (really) 4. Are their time frame expectations real? 5. Do they have a similar value system?.
- 26. Your Most Fertile Field Current Clients/Customers Past Clients/Customers Friends/Acquaintances.
- 27. What is your USP? What makes you special in the marketplace? What do you have that your competitors don’t - or can’t provide? What is special about your products/service? How or why is your delivery faster? What makes your talents or management skills better?.
- 28. What is it about your service that sets you apart from your competition - specifically? Why should anyone buy from you, rather than others in the marketplace?. What is your USP?
- 29. Be aware and afraid Most low price leaders go out of business while trying to provide high levels of service.
- 30. What is a system? A set of things, actions, ideas, and information that interact with each other, and in so doing, alter other systems.
- 31. The key is in the system! Hard systems How to fill out forms How operate to machines Soft systems Selling system Information System.
- 32. Information System - calling How many calls were made How many prospects were reached How many appointments were scheduled How many appointments were confirmed How many appointments were held How many needs analysis presentations were scheduled.
- 33. Information System - direct mail How many piece sent were made How many calls received How many appointments were scheduled How many appointments were confirmed How many appointments were held How many needs analysis presentations were scheduled.
- 34. Selling system Scripting of the words Creation of the collateral materials Memorization of scripts or talking points Delivery of script Leave them alone.
- 35. Power Selling System Appointment presentation Needs analysis presentation Solutions presentation.
- 36. Your touchstones for the future Supplier/Vendor of Choice Focus on actual source of business Use of the web e commerce build your list sell something on line brochure
- 37. Your touchstones for the future Automate your business with a digital databases Target Marketing Computer literate - Web/e mail Understand your customers Value-added vs. price Use Relationship Marketing/Selling Form strategic alliances.
- 38. Reg’s Business Success Videos If you liked what you saw, subscribe to my channel @ www.youtube.com/user/reggupton Watch other videos at www.businesssuccessvideos.com Email me @ [email_address] Follow me @ www.twitter.com/reggupton Find me @ www.facebook.com/reggupton Add me to your Linked in network www.linkedin.com/in/reggupton
- 39. Help is at hand When you are ready to move forward and implement proven strategies that can help you utilize the techniques discussed, call 800.418.0401 for a business assessment before it is too late.