Three and a half steps to boost your business cmb regional meeting london - 04.02.12
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Presentation given at the CMB Regional Meeting in London on Saturday 4th February 2012
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Three and a half steps to boost your business cmb regional meeting london - 04.02.12
- 3. mindset
- 4. it wasn’t raining when Noah built the ark … cliché? it all starts with a vision “overestimate 1 year; underestimate 5” specific / strategic targets
- 5. are you SMART? strategic – does it get you to the ‘big picture’? measurable – how do you know when it’s done? achievable – can you do it; is it possible? realistic – this doesn’t mean it can’t be a stretch or a challenge time bound – when!
- 6. Vision This is your area for your vision of where you and your business is heading. This is the thing that will keep you going when things are not going well! Mission This is your position statement – what your customers and clients see. It will be built from specifically identifying your offer to your target market. Objectives These are the overarching goals Strategies This is the ‘How’ Actions This is the ‘What’ Family, Friends, Social Life This is the area missed out of most download at www.kathyennis.co.uk Business Plans – and in terms of real-life, is probably the most important.
- 7. Criteria Date Today Date + 9 Ms Date + 18 Ms Date + 3 Yrs Date + 5 Yrs BUSINESS Working Days /Hrs per week Working Accom - Office, Home, Other Products / Packages Etc. etc. FINANCE Turnover per £20,000.00 £100,00.00 annum £30,000.00 £50,000.00 £75,000.00 Income Per Month / Per Annum PROF. DEVEL. Further Training / Development PERSONAL GOALS Home, Car, Holiday etc.
- 8. money
- 9. cash is king think twice spend once – but do spend where does your money come from? how much do you want? how much do things really cost?
- 10. what story is your money telling you? personal budget estimated annual costs pricing and sales estimates sales forecast profit and loss forecast cashflow
- 11. marketing
- 12. multi faceted marketing machine referrals networking social media website direct mail press & pr testimonials business cards joint ventures test and measure!
- 13. have you found your Gillian? target market niche consistency
- 14. & the half …
- 15. ‘15 minute mountain’ use your diary don’t put it off until “I have a week” prioritise - quick wins, impact, strategy be realistic about resources (including time and money) ask for / get help and support use outside expertise
- 16. what next? sign up for my free newsletter full of hints, tips and ideas to grow your business and build at www.kathyennis.co.uk discover the Your Brand Is You programme Accelerator - an exciting, cost effective way of taking control Business Builder - specifically designed for business owners Powerful You - a career development mentoring programme attend the Prepare to Grow conference in June 2012 – ask me for more information
- 17. contact me Kathy Ennis 020 8926 0331 kathy@kathyennis.co.uk www.kathyennis.co.uk @kathyennis
Editor's Notes
- Thank you so much for braving the cold and getting here so early on a Saturday morning!Thanks also so Veronique for giving me the opportunity to speak to you today.A little bit of background – trained with CMB back in 2001. I have never been that interested in the fashion side of image / styling, it’s always been more about the personal impact, confidence, communication, growth aspects of what we do.When I started I made masses of mistakes (still do in some things!) that cost me time, money and sleepless nights. Through my personal and business networks I developed a reputation as a ‘go-to’ person if people had issues, queries enquiries because – more often than not I had been there, done that, got the T-Shirt. So I drank a lot of coffee helping people sort out their problems and I noticed how their businesses started to flourish; and I got to drink a lot of coffee. So I packaged up what I know and my ability to encourage personal and business development and turned it into a business. I now work with start-ups and established businesses (as well as people on the carer ladder) as a mentor and trainer and – because I approach all of this from the concept of personal branding – I still keep the image consultancy side of the business going tooIt’s the experience of working with my business mentees that I want to cover today – and the three major criteria they all struggle with in one way or anotherBecause of the time available this is going to be a very broad brush approach but I am around for the day and accessible by phone and email if you ant to follow up with anything later on.
- Answer I am looking for is Business WomanA love of the subject / industry is what will get you out of bed on the days it’s not going right.It is the business process that will make you successful combined with the subject knowledge.Subject knowledge alone will not do itThe joy of what we do is that we can do with it anything we wantFashionMake-upShoppingStylingAccessoriesRetail – fashion, hair, opticalExecutive / Career Development ….
- Step 1 – MindsetWhat do I mean by this? Because it can mean so many things – it’s the area I always start withI would sum it up for these purposes as ‘getting your business brain on’
- Mindset can mean spiritual things, it can include visualisation and affirmation (two things I am really keen on)For this purpose I want to keep it as practical as possible and talk about PLANNING and TARGETTINGI love this quotePlanning is full of clichés – “Fail to plan; plan to fail” etc BUT THEY ARE TRUE if you don’t know where you're going, how do you know when you have got thereYou need to create the vision of your business What do you want to offer?Who do you want to offer it to?How much do you want to make?Your vision is your business and it’s your blueprint for success – and only you can say what success means to you as we will all define it differentlyDon’t burden yourself with unachievable targets in unachievable time framesDon’t constrict yourself to 12 month plans – look further forward; 5 years is a good timeframeBe specific!
- Probably all aware of the meaning of SMART targets – but there is a difference between Knowing andOwning
- In my Easy-Peasy Action Plan (download from my website) there are 6 main areasVision - your reason for doing what you doMission – your vision translated for your client, i.e., what they get from working with youObjectives – big picture goals / targets, e.g., Online MarketingStrategies – how you are going to achieve your goals, e.g., New WebsiteAction – the step-by-step activities to achieve your strategies and eventually your goals – Research other websites / competition,Research types of sites available, Draw up a spec of your requirementsAsk for recommendations of web developersInterview (a number) of web developers using the spec as a guideline etc etcNever forget to include a ‘Life’ section in your plan – so often forgotten, but has a dramatic impact on your ability to achieve your targets so must be included
- My Five Year Planning ProcessIdentify Criteria – Column 1Identify Current Situation – Column 2 (with specifics – numbers!!!)Identify what you want in 5 years time – Column 6 (be specific and remember SMART)Work backwards through the columns – tweaking as you go – to create your forward activityWhat looked daunting five years from now can be seen in much easier to achieve stepsAllows real growth rather then baby steps
- Step 2 - Money
- Cash is king so it does need respect but …Don’t spend it willynilly but do spend it in areas where you need help, lack expertise etc. Your time is valuable can someone do that for you faster and cheaperVirtual AssistantE-LancePeople Per HourUnderstand your money (and as a consequence your clients – do more of what makes money and lass of what doesn’t. If you don’t know the story your money is telling you find someone who can help you with that – often a bookkeeper rather then an accountant in my experienceKnow how much you want and devise a strategy / packages / services that will get you that money – and don’t be afraid to charge ‘real’ pricesKnow what you are really paying for things and be careful of dripping money ,i.e., spend on things that per spend doesn’t seem much but cumulatively is a lot - £10 a month saved is £120 a year
- My money management spreadsheet has these headingsI didn’t devise this spreadsheet – a professional didThe most important thing about this is my ability to see – immediately – if I am on target / on track on a monthly basis and make changes as necessaryI can focus my mind by knowing exactly how much a consultation / session costs me – time, resources, overheads etc – and how much per hour I want to earn from that consultation / service. There's my priceMy next job is to forecast how many of each of those I want to do to reach the figure I have identified as my target income from that areaThat then lets me sit down and work out what I have to do – marketing etc – to get that many people, wanting those sorts of things through the door.
- Step 3 - Marketing
- Marketing is a variety of activities – these are just a few ideasIt is essential that each thing you do is measured for effectivenessKeep doing what you have always done, you will always get what you have always got!Definition of madness = doing the same thing over and over again expecting a different result!
- Lots of talk about niches and target markets – your job is to find your GillianExplain Rachel ElnaughYou ca have a whole variety of nichesEasiest way to find your target market/ Who do you like working with? Can have a variety – but need to ‘know’ then to ensure you ‘speak’ to themRefer back to the fact that they can do so many things with their skillsEven – blog with advertising – never need see a client again!!