Business | Teik Oh

Are you ready for anything?

Apr 20 2015

If you have been running a business from before the GFC, you have hopefully recovered over the last couple of years as the global economy, while still cautious, has been picking up. For many, times are starting to look difficult again as the possibility of a double-dip looms.

The difficulty in this scenario is that like many others, you had probably implemented many disciplines at the GFC downturn which stood you in good stead, but since, have allowed some of these disciplines to slacken as business became easier in the last few years.

Once the pressure is off, it is easy to slip back into the old ways and gradually allow costs to rise once again. Making disciplines implemented during a difficult period into institutionalised procedures is not as easy as it seems when day to day survival is not such a big worry.

When the economy is good and sales are growing, it is easy to allow discretionary spending into initiatives like “change management”, but when the mood is in withdrawal, you instigate disciplines quickly. Without the proper processes of change management, some of these changes just don’t “stick” and as soon as the belt is loosened, old habits come back.

It is in this atmosphere that the business owner or leaders need to lead by example. People have to be shown what is the right thing to do, and why, and leaders need to make sure that their behaviour is sending the right message to their teams. Read More

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4 Myths why I can’t start a business

Apr 13 2015

Starting a business is not easy, nor is it something that should be taken lightly.

You do need to do your homework; you do need to research the industry, especially if it is not one you have previous experience in; you do need to do your strategic and business planning; and you certainly do need to look at your personal characteristics and beliefs to see if you and your family really want to make the commitment.

However I have spoken to many people who seem to me to have a viable idea for a business, but are put off starting their own business even before they delve further into its feasibility. Their objections are not about being under-prepared; their objections are often based on things that are simply untrue.

I call these the four most common myths that stop people starting their own business.

Myth 1: I’m not smart enough to have my own business:

Perhaps you’re not, but I find that doubtful. Starting and running a business is not for everyone, but I rarely find the reason as being lack of intelligence. Some people are better employees than business owners due to the way they react to the different type of responsibility, but if the question is do you have the smarts to run a business, it is more than probable that you do and you can learn the skills along the way. Read More

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How to get ready for a major event

Apr 10 2015

The episode this week is about you, the business owner, rather than being about your business per se.

I thought it would be useful to discuss how you might get ready for a major event.

Now this might be a sales presentation you have to make, or perhaps getting ready to attend a meeting, or giving a speech, or any kind of event that you as business owner could find yourself involved in. As I was about to rush off to the airport to fly to an event where I was giving a keynote speech, I found myself with a few spare minutes and pondered how I actually got myself ready for an event such as this. So I sat in front of my computer and decided to share it with you.

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A list of Actions is not a set of Goals!

Apr 03 2015

I’ll bet that like many people you have planning days for your company – where you collect information and then book a room for a couple of days to go through your SWOT analysis and your strategies for the year ahead.

At the end of this you probably end up with a list of goals that everyone is satisfied with and you all go away full of enthusiasm and ready to make it happen.

Yet, a year later, not all of it has happened. Only some (if any!) of your goals were achieved. Why is that?

One of the reasons I have seen in over 30 years of facilitating planning sessions is that your list of goals are not goals! Most people end up with a list of actions, and actions are not goals.

Goals are a set of aspirational situations that you want to get to, described specifically, and congruent with your vision. First you need to set the vision of where you want your company to be at some time in the future, then the goals you set are the situational milestones on the journey there. They are not a list of actions – these are the strategies, the detailed steps on how you will achieve your goals.

This video explains the difference:

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3 Ways to Increase Your Sales

Mar 20 2015

Tell me if this sounds familiar:-

For some reason, perhaps you want to increase profits or you just want to grow your business, you sat down and decided you needed to increase your sales by setting a new sales target. Having worked out what sales you need to increase your profits or grow your business, you look at your new sales target – at how much you need to increase your current sales by – and you went “Oh crap!”

The increase in sales is scary! Oh my goodness, increasing my sales by 30% sound alright but that’s an extra $600,000! How the heck am I going to do that???

This video tells you exactly how to do it in three different ways that leverage up to a substantial increase in sales.

Remember all sales are made up of three components:-

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Increase your sales through a highly focused marketing plan!

SMART Marketing: In this book, the owners of a small business are led through the SMART Marketing 7 Step Process to produce a marketing plan targeted at their most desirable customers. Any business can use these principles and in 4 to 6 weeks implement a plan to get them through the door! Find out how...

The SMART Marketing Workbook: Companion to “SMART Marketing”, this workbook sets out the SMART Marketing process in 7 workshops for you and your staff to complete questionnaires and templates that at the end, form the marketing plan you need to sell your REAL product to your REAL customer! View now...

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Are you ready for anything?

4 Myths why I can’t start a business

How to get ready for a major event

A list of Actions is not a set of Goals!

3 Ways to Increase Your Sales