Finance | Teik Oh

What to do when business isn’t great Part 2

Sep 06 2016

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

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Set The Right Price

Jun 28 2016

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:

Supply and demand
The niche
Perceived Value
A high return on the customer’s investment
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!

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Five Steps to Establish your Startup

Mar 22 2016

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

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Some basic numbers you need to know about your business

Mar 01 2016

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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Need Money?

Jan 26 2016

At some stage, every business will need additional funds. Ideally, this comes at a time when you have already generated funds salted away from past profits, but from time to time, you may need the extra money to “prime the pump” and make more money.

Here are eight options to source an injection of funds.

It is important to note that they are not in any natural order of preference – the circumstances must meet the potential source, and you do have to weigh the pros and cons of each option, in accordance with what you need the money for, how long you will need it, and what you are prepared to give away for it. Read More

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Category - Finance

Get FREE weekly ideas to grow your business

What to do when business isn’t great Part 2

Set The Right Price

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

Five Steps to Establish your Startup

Some basic numbers you need to know about your business

Need Money?