Weekly Edge

What assumptions are you making?

Heather Frame - Wednesday, October 09, 2019

So often breakthroughs happen when you challenge assumptions.  In business you can’t guess what your customers want…. and, if you do, your promotions will most likely fail.  You’ve got to challenge common assumptions about your business, your customers, your prospects, etc.

 Take prospects for instance.  Most business owners assume certain things about their prospects that in many cases are way off the mark.

 In our business we challenge clients to give us proof on their assumptions.

 For example, one client said that his customers wanted the cheapest price and that this was the primary motivation in buying his product.  On closer inspection we found that sure, price was important, but confidence that the product was going to work and work long term was the key driving force that led to the sale.  Imagine if we hadn’t challenged the client?  All his marketing would have been based on price.  This happens more times than you think.

 So, when was the last time you challenged your own assumptions?  Or the assumptions of those around you?

 Remember, to get a breakthrough you often have to challenge your assumptions.

A killer question when shopping for a service provider

Heather Frame - Wednesday, August 21, 2019

Last week one of our friends was telling us about a time she was shopping for a new service provider.

Being an avid researcher she’d contacted most of the providers in the area she was looking in by phone and ruled out those who weren’t suitable so that she had 4 to interview in person.

Along with a long list of other questions, she asked one which we thought was an absolute stunner:

“Who’s the second best in your area (if you’re the best)”

We have no doubt none of the people she was “interviewing” were expecting that question and as such, she probably got very honest answers.

In fact, three of them told her the same name (that of the 4th provider she was interviewing).  What a high compliment for this one person.

You can guess who she hired right?

If you were being interviewed and someone asked you this question, what would your game plan be?

More importantly, would your competitors (when speaking honestly) list you as the next best option in their marketplace?

Lessons from our Anzacs

Heather Frame - Wednesday, April 24, 2019

Tomorrow is Anzac Day… a unique and special day to us Aussies and Kiwis.  Don’t know about you, but we tend to get a bit emotional as we think back and imagine what these men and women went through.  

It took a lot of courage that’s for sure, but more than that, it took commitment, perseverance, and dogged determination.  Sadly, these qualities are in scarce supply in the twenty first century.  These are the qualities needed in business, but from what we see around us reflects a population that expects success without effort.  Business owners who are all too ready to lift the white flag of defeat without even firing a shot!

They want successful businesses but they don’t do a damn thing to succeed.

You, like us are different.  We know that we have to get busy.  We’ve got to hustle, get things done.

Times are getting tougher for many people in business, but we can’t use that as an excuse.  We can’t control the economy but we certainly can control what goes on inside our businesses.  There are many things we can do right now to bring in the money. 

Think Anzac.  Think courage, determination, perseverance and the belief that you will win.  Now is not the time to be coasting with your foot off the pedal.  We need to get busy and take charge of the things we can control.

Is your business growing or dying?

Marcus Everett - Wednesday, March 20, 2019

So often business owners ask us why many new businesses fail within the first 5 years.

 

It’s usually because the business owner(s) doesn’t have the following in place

1. An open mindset and willingness to accept changes that occur and adapt to those changes.

2. An interest in asking and seeking advice from people who are experts.


3. A willingness to take advantage of changes in technology, economic progress and sales processes.

4. Awareness. Business owners who succeed are aware if their profit and cashflow situation, and are ready and willing to make changes when necessary. They take immediate action in implementing changes in their business.

5. Systems. They have typically created a system that is easy and simple that can be applied in their business. And, in the presence of this system, the average business owner can focus on the growth of their businesses.

6. Culture. The successful business owner creates a good atmosphere and culture in their business. Communication between departments is well run, so the business has a solid team that works well together and is productive.

In the development of a competitive business, all six of these things are necessary to support the success of a business. Working with a "Trusted Adviser" who can assist employers, so business owners can achieve their goals, is another method.  A "Trusted Adviser" is now better known as a Business Coach.

Here’s a quick test for you

Heather Frame - Wednesday, January 30, 2019

Do you know what a client is worth to you in your business?

 

What we’re talking about is their lifetime value.

 

Is a client worth $100?  $500?  $1,000?  20,000? Or even more?

 

Take a moment to get a figure in mind of what a client is worth to you…

 

Once you’ve got that figure think about this question

            What would you be willing to pay to get a new client?

 

Whenever you do any marketing, like placing an ad in the paper or doing a letter box drop for example, the cost of the activity must be divided by the number of new clients it creates.  This is your cost of acquisition.

 

So, whenever you embark on a marketing campaign in your business make sure you know how much you are going to spend and test and measure the results of how many new clients you gain from each campaign.  So you know exactly how much it costs you to acquire each client.

Moving forward in 2019

Marcus Everett - Wednesday, January 16, 2019

Great leadership requires the ability to control what is in your power to control, to give people clarity, direction, and a sense of security, to chart a course and set goals your employees believe are attainable.

 

As we begin a new year, it is your job as the business leader to set and communicate expectations for the year ahead. From strategic initiatives to marketing campaigns, from new positions to new product lines, your company is waiting for you to clearly set the goals for the new year.

 

It also falls on your shoulders right now to make sure that your financial house is in order, that you understand thoroughly where you are today, how you got there, and have a plan moving forward.

 

Three areas of financial focus for Quarter One

We’re all eagerly anticipating good things from the year ahead. But hoping is one thing, preparing is another. Here are three financial objectives you really need to have in order to start the first quarter off right:

 

1.     Set Your Budget - Your budget is the financial plan for managing and controlling revenue and expenses over a period of time.

 

2.     Determine Your Financial Goals - A big part of your budgeting process revolves around the financial goals you’ve set for the year ahead. Where do you want and need your business to be at the end of the year?

 

3.     Communicate to your Team - we talk a lot about the importance of creating your Company Culture, or “the way we do it here” and communication is the key.

 

How your business does in Quarter 1 sets the tempo for the entire year. Make sure that you set the right tempo for the year ahead with clear direction, a realistic budget and the support of your team. Here's to your success!

 

Need help developing a budget? Just email us at info@profitedge.com.au  and we’ll

arrange to send you some tools to create your Budget and Cash flow forecast

The Writing Is On The Wall

Heather Frame - Wednesday, January 09, 2019

It’s official.  To survive in business in the current economy, you need to be focused on growth.  Now, more than ever, we need to build a strong relationship with our customers and get them involved in our businesses.

For years, just about anyone could make money in business.  Low interest rates, high employment and low inflation, spawned a whole generation of buyers eager to spend up big on credit; many possessing 3, 5 sometimes 10 or more credit cards.  So for years, business owners have been spoilt and you didn’t have to be Einstein to make money.

Fast forward to today and it’s a different story.

Belts have become tightened all over the country.  Wallets stay firmly shut as consumers battle their debts.

Many small businesses have been hit hard with a slump in profits threatening their existence.  Like a house of cards in a strong breeze, we can see many businesses come tumbling down.

However, the good news is, in our world most of our clients are doing well.  They’re being proactive, they’re not sitting around for the axe to fall.  They are actively working on their businesses and getting many balls in the air at the same time to keep their businesses growing.

This is what it takes.  You can’t sit still.

Most of this comes down to our own mindsets.  We must constantly monitor our thoughts and actions.  We can’t fall for all the doom and gloom talk.  We can’t wait for others to motivate us.  No.  We must be our own cheerleaders and keep ourselves moving forward.

Whatever happens this year, one thing is for certain, change is coming.  The lesson for us is to remain adaptable and embrace this change.  And proactively plan ahead to meet these challenges.

Your relationship with your customers will be the major factor in how well you survive and thrive in the coming year.  Remember, you’re in the relationship business; no matter what you actually sell, no matter what your profession or trade, you are in the relationship business.  Once you really understand this concept everything else gets a whole lot easier.

Embarrassing Bodies

Heather Frame - Wednesday, November 14, 2018

Have you ever watched the show ‘Embarrassing Bodies’ on TV?

 

Well if you’re squeamish, we’ve got some advice.

 

Don’t.

 

That’s because this show highlights extreme medical problems.

 

In the episode we watched there was this guy who had rotten teeth.  And when we say rotten we mean completely rotten.

 

He had no teeth left.  They were just stubs.  His gums were infected.  He’s breath stank like a sewer.

 

The problem got so bad he just had to do something about it.

 

Reminds us of many business owners who have come to us over the years to fix their problems.

 

They do nothing until it gets so bad they just have to take action.

 

And sure, we provide them a free no-obligation session to flesh out the problems and outline some systems and strategies to turn their business around to generate consistent profits

 

What about you?

 

Is your business in pain?

 

Do you want to generate consistent profits?

 

If so…

 

It starts here… by emailing or phoning us to book your free no-obligation session with us to flesh out any problems in your business and discuss systems and strategies to overcome these.

What assumptions are you making?

Heather Frame - Wednesday, March 14, 2018

So often breakthroughs happen when you challenge assumptions.  In business you can’t guess what your customers want…. and, if you do, your promotions will most likely fail.  You’ve got to challenge common assumptions about your business, your customers, your prospects, etc.

 

Take prospects for instance.  Most business owners assume certain things about their prospects that in many cases are way off the mark.

 

In our business we challenge clients to give us proof on their assumptions.

 

For example, one client said that his customers wanted the cheapest price and that this was the primary motivation in buying his product.  On closer inspection we found that sure, price was important, but confidence that the product was going to work and work long term was the key driving force that led to the sale.  Imagine if we hadn’t challenged the client?  All his marketing would have been based on price.  This happens more times than you think.

 

So, when was the last time you challenged your own assumptions?  Or the assumptions of those around you?

 

Remember, to get a breakthrough you often have to challenge your assumptions.

Is analysis paralysis holding you back?

Marcus Everett - Wednesday, February 21, 2018

One of the biggest reasons analysis paralysis occurs is because we become too hesitant to act upon our ideas or dreams.  Once we look at the ‘realistic’ side of things our natural fears and hesitation take over.  And that’s a good thing!  It’s stopped many people from acting stupidly.

 

Unfortunately, it also keeps us from taking any risks.  Pulitzer Prize winning author, Annie Dillard, said ‘If we listened to our intellect, we’d never have a love affair, we’d never have a friendship.  We’d never go into business, because we’d be too cynical.  Well that’s nonsense.  You’ve got to jump off cliffs all the time and build your wings on the way down’.

 

Most of the great achievements in life started out simply as a dream.  When you are able to turn your dreams into goals, and then your goals into actions, amazing things happen!  Here are some tips to get your started

®  Write down the dream (then place it where you’ll see it often)

®  Think of all the steps/people/objects needed to fulfill the dream

®  Jot down short term and long term goals to achieve all those needs

®  Take it a step at a time

®  Keep believing

 

One of the most tragic things in life is to see an unrealized dream.  So go for it, and start acting on your dreams today!