Culture eats strategy for breakfast…

Have you ever wondered why so many business fail, even though they seem to be doing all the right tings to grow their business. The answer very often lies in the culture of the business – or lack of it.

At ActionCOACH we use the word culture to encapsulate the combined values of a business – the things that it stands for, the things that drives it on and the “rules” by which the business is run. The culture underpins the Vision and Mission of the business.

Take the time in your business today to really understand your culture – If you need help – please contact me.

Once you understand exactly what the business holds dearest, use this to communicate with your team. The culture of the business must challenge people to be better and have higher standards – If you need help doing this, drop me an email.

Over a period of time, communicate your vision, your mission and  your culture to your team by what you say and by what you do every day. Sustained and consistent focus on developing a culture is what allows it to exist and flourish. Remember there is always the gravitational pull of negative forces to work against to the culture has to be strong and empowering for you and your team. If you need help with this – call me.

 


What’s your conversion rate?

If you currently spend any money on advertising, STOP. What’s your conversion rate?

Your conversion rate is the number of new clients/customers you get compared to the number of enquiries you get. For example, if 10 people contact your business and you do business with 2 of them, your conversion rate is 20%

Consider this…

If you knew how to increase your conversion rate you would automatically improve the effectiveness of your advertising. In the example above, if you managed to get your conversion rate to 40% or 4 out of 10, your advertising costs would halve.

Here are some simple ways to improve your conversion rate.

1. Ask for the sale. Too often, we have the new customer or new client but we fail to ask them for the business. Sometimes, they will leave and you may miss out on the business.

2. Remove the risk. Especially in 2011, businesses and consumers are nervous and if the detect any risk at all in dealing with you, they will take their business else where. Is there any risk associated in doing business with you? Are you really sure? Would you buy from you? The easiest was to eliminate risk is to provide a guarantee.

3. Train the team. If you knew that your fellow team members were not as good at winning new business as you, would this make you feel great about yourself or would you be concerned about the sales being missed. Either way – its your responsibility. The simple solution here is to carry out some sales training for the team. Even 10 minutes per week can be very effective.

4. Follow up. In some cases, sales are made by providing quotes or people take some time to make up their mind. In 83% of sales situations the follow up from the supplier is extremely poor in that they do not follow up or the follow up is weak. Why is this? Fear of rejection is the answer so the easiest thing is to stick the head in the sand and hop the business comes in. By the way – it does not work this way.

If you want to improve the conversion rate in your business, call Derek O’Dwyer. 100% Satisfaction Guaranteed! 087 222 0270

 

 


Why is collecting YOUR money so difficult?

Poor Cashflow is one of the biggest challenges facing business owners right now.

Irrespective of their business terms, many business owners are struggling to collect monies owed to them. In some case, people are owed money for years and not just months. It is not uncommon for people to be waiting over 90 days on average for payment.

Is this your fault or the fault of your client? What can you do about it?

Here are some ideas…

1. Decide today what your terms of trade are. Cash with Order, Cash on Delivery, 30 Days, 60 days etc. Be very clear on what impact NOT sticking to this will have on your business. Just add up all the interest on your overdraft last year and consider what type of holiday you could have had with that money in your account.

2. Explain the terms to your team and stress that from now on, these are the rules. Make sure you learn the rules as well.

3. Start to explain your new terms to your customers/clients and make sure that you ask for your money before it is due. If you leave it until after the due date, its already late and the customer does not think you care about your money.

4. Always bear in mind that its your money you are collecting because you have delivered the product or service.

5. Understand that time spent chasing money is costing you money so make sure it is effective, consistent. The motto “firm, Fair, Friendly” is a good approach to collecting money.

6. Understand that the longer you leave your money out there, the less chance you ever business coaching reduces bad debts have of collecting.

While I accept that in some business, credit terms are give and expected, this need not apply to all businesses. Does it need to apply to yours?

If your business needs some focus on cashflow, call Derek 0n 087 222 0720 today. We also offer a service for chasing monies owed.


Together Everyone Achieves More

In 2011, Business Owners in Ireland are pulling out all the stops in their efforts to drive on their business. Having gone though serious cost cutting exercises over the past 3 years, many of the business owners are again looking at efficiency and productivity. When we work with clients, we coach and teach them on leadership and the importance of building a team of committed professionals.

Helping a business owner to lead a team and to see the benefits of this leadership is very rewarding. The results are immediate and long lasting and it also impacts the bottom line.

Many business owners are fearful of leading a team because they often lack the skills or techniques. Simple team leading strategies work in most cases.

If your business needs some focus on Team, call Derek on 087 222 0720.


Are you doing enough in your business?

Its February 2011. Businesses in Ireland are struggling to survive. Business owners are trapped by excessive personal debt, trapped by debtors who cannot afford to pay and trapped by fear of making changes in their business.

They are not doing enough to get themselves and their business out of trouble. This is caused primarily by burnout or exhaustion.

If this sound like you, then let me assure you – there is a better way. Start with a simple plan of action which includes daily positive business improvement steps for your business.

As a business coach, we work with business owners to improve profitability, get them refocused and get them and their business working again.

Contact me on 087 2220720 if you would like to take a fresh look at your business and kick start it to profitabiility.