21 point Business Success System

Shonda Miles

According to Dun & Bradstreet, “Businesses with fewer than 20 employees have only a 37% chance of surviving four years (of business) and only a 9% chance of surviving 10 years.”

Of these failed business, only 10% of them close involuntarily due to bankruptcy and the remaining 90% close because the business was not successful, did not provide the level of income desired or was too much work for their efforts.

Small Business Failure Rate

People don’t plan to fail, they fail to plan.

Business Quote

How much do you have? How long will it last? How well do you manage it? List of business expenses Put money back into business It takes money to make money Pay now or pay later Credit-Work on it now. You won’t be able to borrow money right away It takes two years to make a profit

Money

Successful people do what unsuccessful people don’t do.

Success

Negotiation Sales Leadership Problem Solving Delegation

Core Competencies

Where do you want to be ◦ 1year from now◦ 3 years ◦ 5 years ◦ 10 years

This is so important to your success.

Long term Perspective

Read 1 hour a day Sacrifice-Are you in it for the long haul? Listen to Business or Motivational Audio in

your car Turn off the TV and work on your business Attend seminars/bootcamps/business

events to learn more about being a better business owner and about your industry

Invest in Yourself

How do you spend your days? No one standing over you Income Producing Activities Talk to 20 people a day 80/20 Rule

Time management

Write down goals daily To do list Set Priority Eat that frog/Do the worst first What are your plans? How much money do you want to make? How big do you want your business to grow

to?

Daily Goal Setting

Business Checking Account Business Savings Account (payroll taxes)

Business account

Occupation license License of Occupancy EIN (Employer Identification Number) Sales Tax ID number Restaurants and Day care centers Contractors

Business license

Executive Summary Vision/Mission Market Analysis Competitive Analysis Operations Sales & Marketing Cash Flow Projections

Business Plan

Ideal Client Profile # of contacts Target market

◦ Pain points◦ Pleasure points

People buy benefits not features Start building your Brand

Marketing Strategy

Who are they? What do they do well? What are their weaknesses? We all have

them. What can you learn from them? How do they price their services?

Competition

How do you convert a customer to a Sale?

Incoming calls Outgoing calls Returns Opening Procedures Closing Procedures Posting payments Handling Complaints

Creating Systems

Lawyer Accountant Banker Insurance Agent

Board of Advisors

Unique Selling Proposition (USP) Under promise and over deliver It’s a summary of what makes your business

unique and valuable to your target market. Why should I buy from you? How do your business services benefit your clients

better than anyone else can? "Federal Express: When it absolutely, positively has

to be there overnight."  "Pizza delivered in 30 minutes or it's free."

(Dominos Pizza)

What makes you unique?

Niche/Smaller parts The purpose for segmenting a market is to

allow your marketing/sales program to focus on the subset of prospects that are "most likely" to purchase your offering.

Coke or Diet Coke Victoria Secret-Pink Retail clothing stores-Petite, Regular,

Tall/Women’s

Market Segmentation

You owe it to your customers to get a profit from each sale so you can provide the best possible service possible.

Pricing Your Products and Services

Build relationships Follow up (i.e. engage with me on Facebook,

send a card, send an email, phone) Send them something of value such as an

Article or Whitepaper

Networking

Help an organization define and measure progress toward organizational goals. ◦ Snapshot of current performance◦ The percentage of its income that comes from

return customers◦ Company’s total sales◦ ROI on Marketing◦ # of leads◦ # of prospects then how many converted to sales

How did you hear about us?

Key Performance Indicators

Knowing the why when times are hard will keep you going when you want to give up

Why did you start this business?

Identify a few key factors that organizations should focus on to be successful

Samples include◦Retain staff and keep up customer-

focused training◦Sustain successful relationships with

local suppliers◦Attract new customers

Critical Success Factors (CSF)

Leadership Customer Service Sales Industry Communication Time Management Innovation Human Resources-Hiring the right people

Training

20 percent of your products account for 80 percent of product sales

20 percent of your customers account for 80 percent of product sales

20 percent of your activities account for 80 percent of the results you get

What this means ◦ Focus on the most important

80/20 Rule

Communicating confidently in business is important

Body language-Master Communicators can not only control their body language but they can read others as well

Join Toastmasters Take a Dale Carnegie Course

Communication

Brian Tracy says, if you can’t focus and concentrate then you will always have to work for someone who will make you focus and concentrate.

Focus is knowing exactly what you want to be, have, and do. Concentration is persevering, without diversion or distraction, in a straight line toward accomplishing the things that can make a real difference in your life.

Focus and Concentration

Dress the part Multiple Streams of Income If you help enough people Exit Plan Study Trends Keep Your Word! Joint Ventures/Strategic Alliance

Final Tips

Miles Consulting LLC

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Any Questions