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2. How to increase small business profits
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Many small businesses fail each year, dashing the hopes of the
entrepreneur and causing suffering to employees, customers and
suppliers. Statistics often quoted include "50% of businesses fail
in the first two years and 80% fail within the first five years".
These statistics will differ from country to country, from trade to
trade and across the economic cycle but what is true is that too
many small businesses fail.
Most entrepreneurs and owners of small businesses lack a guide
or model to business profitability and prosperity that can be used
as a planning tool before they start and as a management guide
after start-up to produce small business profits.
The Entrepreneurial Myth
In his great book "The E Myth Revisited" Michael Gerber argued
that many small businesses are started when the prospective
owner wakes up one day with an "entrepreneurial seizure."
3. How to increase small business profits
"Why am I working for John when I am a better [insert trade or
profession] than he is but he's the one who drives home every
night in his expensive car to his big house with the profit I make
for him. If John can do it so can I. It's time I started my own
business."
According to Michael Gerber, this is where the trouble begins.
The new entrepreneur knows how to do the technical work of the
trade or profession but has little clue how to build a business. It is
this lack of business building skills which cause so many small
businesses to disappoint their owners or even fail.
Introducing The Eight Pillars Of Business Prosperity
The Eight Pillars of Business Prosperity model is designed to
bridge this knowledge gap and to help entrepreneurs build
bigger, better businesses which prosper.
4. How to increase small business profits
The Eight Pillars of Business Prosperity are:
Your key numbers - measuring the performance of your business
Translating your vision into action
Establishing your market position in the competitive environment
Generating your leads
Converting your leads into first time customers
Building your back end with repeat customers
Leading your team to achieve your vision
5. How to increase small business profits
Systematising your business
When the Eight Pillars model is used with an established business
it breaks down into four sections:
Where are you now - Pillar 1
Where you want to be - Pillar 2 and Pillar 3
What you have to do externally - Pillars 4, 5 and 6
What you have to do internally - Pillars 7 and 8
Putting The Eight Pillars Of Business Prosperity To Work
6. How to increase small business profits
The Eight Pillars of Business Prosperity provides a comprehensive
program for you to improve your business.
Take each pillar in turn and
Assess your current performance and prioritise the Pillar which
appears to be the biggest constraint to improving your small
business profits
Brainstorm ways to improve your selected Pillar and start
implementing the easiest ideas
Check your progress and identify if any other Pillar has become a
new constraint
7. How to increase small business profits
Develop solutions to each constraint as it appears and you will
continue your journey to increased small business profits.
Apply the Eight Pillars of Business Prosperity diligently and you
will increase your profits.
Turnaround your business! Strategically attract investors, create value for your
clients and boost business profitability. Click here
8. How to increase small business profits
Paul Simister helps customer focused entrepreneurs to build better businesses using the Eight
Pillars of Business Prosperity. Paul is a chartered accountant, has an MBA with distinction and is
a certified Guerrilla Marketing Coach. Paul trades as Your Profit Coach and writes a very popular
and extensive Business Coaching blog at http://www.paulsimister.com which is packed with
free information to help entrepreneurs and owners of small businesses increase profit.
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