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Category - Finance

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1
What to do when business isn’t great Part 3
2
What to do when business isn’t great Part 2
3
Set The Right Price
4
Five Steps to Establish your Startup
5
Some basic numbers you need to know about your business

What to do when business isn’t great Part 3

This is the final video in the series about what you can do when your business isn’t doing so great just now.

I am truly positive about working on your business. I truly believe that if you reframe any situation, you can look for the positive and you can come up with strategies to take you forward. All my writing and video talks in my blog are about business growth, about the systems and tools to take your business and your life up another level.

However bad times happen.

Only, I believe the same attitude can overcome bad times, and in the last two videos I gave you some ideas about how you can turn a bad situation around.

Do I know what I’m talking about? Yes I do. Apart from spending over 35 years of my life successfully advising entrepreneurs and small business owners across the world on how to create the business they see in their vision, I have also had cause to pull myself out of near bankruptcy.

Bad partners. Yup, bad partners, but even today I don’t see it as “their fault“. I own my own destiny and you should too. I looked at my “near-death business experience” with realistic eyes and relied on all the systems and tools I knew and created strategies and pulled myself out and created a very successful consulting business from the ashes. You can too – in the last couple of weeks I gave you ideas about how to create recovery strategies if business isn’t great for you at the moment, now watch this last video in the series.

Were you surprised by my last suggestion?

Despite my belief that you can and should keep looking for ways to pull yourself out of trouble, sometimes you have to look reality in the face and know when a situation is too wrong to be righted. Don’t make that decision lightly, but realise you may have to make that decision.

Here I am hoping that you never find yourself having to make that final decision, and I’d love to hear what you think – click here to leave a comment under this video-blog post on my website.

GET YOUR FREE BUSINESS HEALTH CHECKLIST HERE

And finally if you are reading or watching this on one of my social media channels, what are you doing??? You are missing out on having great ideas, systems and step by step solutions to your business growth issues delivered directly to your inbox, every week, and for free!

Just click here and give me your name and email (which I guarantee never to sell or give away) and I will send you updates every week.

What to do when business isn’t great Part 2

Last week I wrote about how we have to be realistic and despite my wanting to help you grow your business into a successful long term business, we have to be realistic and admit that sometimes business isn’t doing great sometimes.

The question is what can you do in those times, how do you do something proactive to pull yourself out of a hole?

Well last week I gave you the first ideas on what you can do. This week I give a couple more ideas, watch this video now.

You can’t sit on your hands, right? If you want to grow the business of your dreams, sometimes you have to go through difficult times, and when you do, please don’t just sit there in fear and panic bemoaning your fate.

If there’s one thing I’ve learned from over 35 years experience helping entrepreneurs and running businesses myself, where you go from time to time depends entirely on the effort and practice that you put into the situation. If you see it as the end, it will be the end. However if you see it as a challenge – another to overcome – your mind starts to focus on what you can do rather than what has befallen you! If your dream is worth anything, it’s worth fighting for.

Watch out for Part 3 of this series coming out next week – if you don’t want to miss it, I can email it directly to your inbox, just give me your name and email here.

Tell me what you think – about any ideas to fight and claw your own way out of a bad situation, or (if you can share) any of your own experiences – click here to post a comment on this video in the blog.

GET MY BUSINESS HEALTH CHECKLIST HERE

If you’re reading and watching this in one of my social media channels, you may not be seeing each week’s video blog post because of the way social media works. Why don’t you make sure you keep up with all the ways you  can grow your long term and resilient business – why not sign up here to get these updates delivered directly to your inbox (and hey, I hate spam so I promise never to sell or give away your information).

Set The Right Price

This is probably the question I get asked the most, especially for first time startups: “What should I charge for my service or product?”

Let’s start with the obvious – you should charge a price that makes you a profit or that is a fair reward for your efforts.

Okay, now that’s out of the way, your pricing schedule is an important part of your business, its branding, and your marketing. You can set loss-leader prices, attracting people to your site or store, so that they can then see all the other stuff you offer. You can set premium prices, distinguishing your quality or scarcity from your competition. You can set a price based on your skill – doctors have to attend many, many years of medical school to accumulate skills you and I cannot hope to have. You can set a price based on experience – an experienced plumber can resolve your plumbing problems in half the time and twice as well as one just starting out.

Watch this to learn about the 5 factors that determine how you should be setting your price.

Here they are again:

  1. Supply and demand
  2. The niche
  3. Perceived Value
  4. A high return on the customer’s investment
  5. Customer satisfaction

This is where the fun starts after you’ve watched the video – click here and comment on how you set your price.

I have also prepared an Entrepreneur’s Business Health Checklist for you to check off the 6 key result areas for your business – click here and give me your email to get the download.

Now if you are a budding entrepreneur thinking about starting your own business, I hope reading and watching my blog and video posts are helping. But maybe not! Maybe they are just adding to your overwhelm about “Where do I even start?”

If that’s the case I have created an online training course especially for you. If you are a first time entrepreneur, or you have a great idea for a business, or if you’re working for a corporate but think you can do it better – this is the training course you need.

It’s called “How To Start Your Own Business” and in 5 online video lessons and 10 downloadable worksheets and information sheets, you will be taken through a step by step process to get yourself ready, test your idea in the market, design your business model, plan ahead, and take care of all the little legal and other details before you open your doors. It will clarify everything for you! As an online course you can take it at your own pace, and it is available to you forever for a one time payment.

Click here to get the course for only $97 AUD!

 

Five Steps to Establish your Startup

Have you just commenced a startup business? That is, a brand new business rather than one you inherited or bought; a business you started from scratch using your craft or from a new idea, or a business based on a product you invented?

To a large extent, all startups of any kind of business in any kind of industry are the same. They have one, or at most, 2 key individuals with the idea and the drive, full of enthusiasm and energy, probably not many staff if at all, and most of them family and friends. Typically, you would have shuffled together some (but not enough!) working capital, leased new premises and bought new equipment. The sense of newness is exciting and the startup begins breaking through walls.

In time, it finds its market and settles down. The passion and excitement may still be there but there is no longer a sense of newness, things start to feel normal and the days are spent doing pretty regular things.

If you have survived this phase, typically over the first year, celebrate!

But don’t get settled because most startups close their doors within 2 years, mainly because after the gains at startup, they fail to establish a sustainable business.

So, if you are in that position, what do you need to do to establish your startup? Read More

Some basic numbers you need to know about your business

I have provided my followers with loads of free ideas and tools about how to create great strategy in your business, how to develop your leadership skills, and how to grow your business and your life.

But despite all the planning and marketing – being in business boils down to one thing: making sure that you make a profit that’s good enough to meet your goals.

So, here’s a training video on financial management.

Stop right there! Do not click on the “delete” button!

This is important. You cannot subcontract knowledge about your financial performance to an accountant. You have the skin in the game, and it is your duty to your better future that you know something about the numbers that tell you about how your business is performing. It’s not just about the net profit, or how much money is in your pocket.

If you want to grow your business, you need to know the relationships behind your income statement and your balance sheet.

This 20 minute training video introduces you to some key numbers – sure, you don’t have to keep your own books to get those numbers, but you do need to understand what they mean.

Watch out for some free gifts to subscribers of teikoh.com coming out soon. One of them will be about financial performance management.

Get over to the website for more great stuff worth thousands of dollars available to you for free. While you’re there, subscribe so that you don’t miss upcoming articles (and free gifts available only to subscribers) or subscribe here.

See you soon!

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