Presentation on theme: "Key to Succeed in Business What is the key to business success."— Presentation transcript:
Key to Succeed in Business What is the key to business success
Identify your Core Business Every business starts off with the core product or service for which there is a market demand or for which one is created
Stick with the core business The business that was profitable with one product or service turns out to be unprofitable in selling other products and services in New or different area.
Go back to the Core In times of market contraction or turbulence what do you do – go back to the core business that gave you the margin Analyse, Assess and Evaluate the core aspects of your business regularly. What are the 10 core business areas to Analyse, Assess and Evaluate?
1.What are your core competencies The first question you must ask is what is your company especially good at what does your company do in an exceptional fashion what are the special talents and skills and abilities of the people in your company that enable you to produce your products or services in a superior fashion what are you personally very good at doing? What are your special unique individual talents and skills that enable you to do an excellent job and achieve a worthwhile result? What additional competencies will you need as a business and as an individual in the future. what are the trends in your industry what is it that customers will need one year from today What competencies would you have to develop in order to serve your customers at the highest possible level one year from today.
2. what are your core products or services what is it that you are known and respected for what are the products and services that gave a good reputation what core products and services do you produce in an excellent fashion and the easiest for you to sell what core products and services are also the most profitable and generate the highest level of customer satisfaction that also represent eighty percent of your profits and your possibilities for growth in the future.
3. Who are your core customers? who are the twenty percent of your customers who buy eighty percent of your products and services ? who are the customers that are easiest to satisfy with the special competitive advantages from whom you get the highest level of re-sales and referrals. if your company burned to the ground today and you had to start over, who are the customers that you would contact immediately, and what are the products and services that you would immediately begin to offer to keep these customers.
4. What are your core marketing methods What marketing methods are the most cost- efficient in attracting qualified prospects What is your main activity in buying customers
5. What are your core selling methods what is it that you and your sales people do to convert those very large leads into actual paying customers
6. Who are your core people in your business who are the most valuable people in your organization (80/20 rule) who would you hate most to lose who would cost you the greatest inconvenience if they decide to leave your organisation.
7. what is your core strength as a business what is it that your business does especially well in, with regard to production/sales/delivery what are your core talents and abilities as an individual what is it that you personally are very good at, what special skills, abilities and strengths have you for the future, the way the market is going today what skills do you have to develop, what courses do you have to take, what books do you have to read
8. What is your most valuable asset Your earning ability (to get results or to get financial rewards for your products and services)
9. what are the major threats to your business today What are the worst possible things that could happen in terms of customer’s markets finances and competitive responses? What steps can you take immediately to manage and reduce the detrimental effect?
10. what are your very best opportunities for the future What are the new products, new services; new customers, a new market that you can start today Remember: Those who do not plan for the future cannot have one
Answer these Questions 1.What are the three most important competencies or abilities possessed by your business? 2.What are your three most important products and services - in terms of sales and profitability? 3.who are your core customers - the ones who buy the most and the most satisfied 4.What are your core marketing methods - the methods that attract the greatest number of qualified leads. 5.What are your core selling methods or techniques - the ones that enable you to convert the greatest number of leads into customers. 6.Who are your core people -the most valuable difficult to replace in your business. 7.What are your core strengths as a business - those areas where you are superior to your competitors 8.what are your core talents and skills and abilities as an individual? 9.What are the three worse things that could happen to your business today? And what is your risk plan B and C? 10.what are your three best opportunities for the future of your business ?
Action Commitment What one action are you going to take immediately as a result of your answers to these questions?
In conclusion Focus and concentrate on the limited resources - time, money and people and those areas of greatest opportunity and high profitability Analyse, Assess and Evaluate those areas where best results are possible in your business and personal life. Thank You