Tuning by Numbers

How well is your engine running?
Would you know when it's running rough?
Do you know how to tune it?

Management accounts in business are rather like the fuel management system of your engine, they make sure your business is running as it should, and producing the results you want.

Profit: A Dirty Word?

Profit: A Dirty Word?

Do you have clear sales targets?
Do you have a budget for expenses?
Do you have a plan for profit?

This may sound so obvious, but many businesses leave making a profit to chance...

In our previous newsletter we looked at the first stage of getting fuel into your business - through setting prices appropriately. With maximised pricing your business has a chance of making a profit - but, of course, there’s far more to achieving this.

Price Watch: Luxury or Ordinary?

Price Watch: Luxury or Ordinary?

How confident are you of your pricing?
Where are you positioned in your market place?
Are you charging enough to make a profit?

Last month we started looking at the fuel in your Business Jet Engine; the finances that keep your business running. The very clear message was "You cannot run a business without a financial plan" - A good starting point is looking at the cash coming into your business and having products priced correctly to make a profit.

Mastermind Group Coaching

Jet Club 2 - Starting Spring 2019

register your interest email richard@martin-riley.co.uk

 

✈️ Join The Jet Club ✈️

10 Business Owners. 2 Collaborative Forums.

One Expert Business Coach.

register your interest email richard@martin-riley.co.uk

For many small business owners, working with a business coach is invaluable: improving your business and creating a robust and profitable future.

"Buzz... did you check the fuel?"

"Buzz... did you check the fuel?"

If you know where you're going... Have you considered your finances? And what you'll need to get there? With the Sales & Marketing loop in our Business Jet Engine improved, you should have more customers coming through the business, having a great experience and recommending you. At this point, many business owners find they're working really hard to service their new clients - but with no additional money in the bank. The next part of our story looks at the fuel in your engine, which we liken to the cash in your business. Without which, you simply can't operate.

Back to the Future

Back to the Future

Are you ready for the future?
Do you know how your customers will be changing?
Will you adapt to change with them?

When we talk about Future Strategy in The Business Jet Engine model, we don't mean business planning. Future Strategy relates to market intelligence and your ability to change with your clients into the future.  

Shoes, Shirt ...and Pistol?

Shoes, Shirt ...and Pistol?

Are you marketing to your existing customers? Do they know everything you can do for them? Are they fully prepared for their journey ahead? One of the most costly and time consuming activities of any business is acquiring new customers. In fact, it can be 5 times more expensive than retaining an existing customer! This month we're looking at re-marketing; the process of giving maximum attention to your already hard won customers.

What's the Missing X?

What's the Missing X?

What do your customers truly value?
Are they telling you themselves?
Do you know what they really want from you?

If we're trying really hard to create happy customers, it's a good idea to make sure it's working. We need to be listening to our customers, understanding their experience with our business, and making improvements or changes that align with their expectations. This is all about customer feedback.

Growing Tech Solutions in Eastbourne

Growing Tech Solutions in Eastbourne

Tom and Joel Fielder, directors of inspiring tech firm Switchplane, share their journey; from two engineers coding in a bedroom, to one of the largest digital agencies in the region.

Joel: When we first started, just in a bedroom, it was touch and go whether we would carry on. We decided to take the plunge and move into an office in the town centre, it was massively high risk - we didn’t have the money for rent after month three - but we were glad we did as we quickly picked up a couple of big clients.

The problem we had, was that we were technically good, we can do coding all day long, but when it came to running the business; taking on staff, trying to work out our marketing plan, that’s where we had the problem. And I think that’s a common problem for small business owners.

5 Star Raves?

5 Star Raves?

Are you creating happy customers?
Do you know what they are saying about you?

One of the key aspects of customer service, as touched on in 50 Shades of Love, is creating customer delight, resulting in happy customers. Consider, how important happy customers are to the future success of your business.

Deal... or No Deal?

Deal... or No Deal?

Love it or hate it...
Selling or being sold to...
Should it be pressure or pleasure?

With your prospective clients moving through your Customer Sales Journey (see Mixed or Matched Messages) and marketing messages tailored to your target audience (see The Perfect Match) - you'll then need a successful sales process to turn enquiries into new business.

The Perfect Match

The Perfect Match

Communication is the key to good marketing...

Are you delivering the right message,

at the right time, to the right people?

As an introduction to sales and marketing, in our previous email we looked at the Customer Sales Journey: Mixed or Matched Messages. Now, let's take a closer look at marketing - which we describe as the AIR in your Business Jet Engine.

Mixed or Matched Messages

Mixed or Matched Messages

Your customers are on a journey.

Do you know where they're at...
and is what you offer appropriate
to where they want to go?

For many businesses, sales and marketing is the key driver of growth - and therefore justifies time and effort perfecting it. In the next few articles we shall explore this in more detail. To start with an overview, let's look at the customer sales journey.

Amazing Journey - Wrong Direction

Amazing Journey - Wrong Direction

It doesn't matter how fast you travel...
if you arrive at the wrong destination.

Do your operations really serve you?

First - what are operations?
Operations are all the systems and process that help you deliver your product or service; this might be how you manufacture and deliver goods, how you organise work flow, how you run projects from start to completion, or how you process invoices. They are all the things you do on a repeat basis that make your business run.

50 Shades of Love

50 Shades of Love

Do your customers feel loved and cared about?
Or do they feel you're indifferent?

No business can survive without customers, and we know it's far more effective to retain customers than to constantly seek out new ones. To retain existing customers they need to feel looked after, that their needs really matter to you, and they're not just a sales figure.

Giving and Receiving

Giving and Receiving

Is networking your main source of new business?
Are you one of the many who don't respect the basics?

In the run up to Christmas we find ourselves invited to many networking meetings with festive jumpers galore. We enjoy networking; having the chance to meet new people and catch up with clients and contacts. 

Some of you may be experienced pros at networking, and for others it may be new, or perhaps daunting. In either case, it is important that we do not forget the true value and purpose of networking.

Are You Building Sandcastles?

Are You Building Sandcastles?

How highly do you rate your product?
What about your customers?

Back in February we spoke about Competitive Advantage - you can read it again here - where we identified your Niche and your Edge. But to successfully solve our client's problems, we must first completely understand what the problem is.

Why The Business Jet Engine®?

Why The Business Jet Engine®?

Many of you may already know that in September The Business Jet Engine was launched; both as a book and online - but do you know why I created it? 

From my first career as a product designer to my second career as a coach, I've always wanted to create tools to help people be more effective in business, leadership and life. Working with small business owners I soon identified;

"Few business owners have been trained in business"

Stuck on the Runway?

Stuck on the Runway?

What are Strategic Goals?
And why are they so hard to achieve?

Strategic goals are those that will have a significant impact on your business in the long-term. This might include creating a new offering, increasing your capacity or implementing new systems to make you more efficient.

Test - Refine - Implement

Test - Refine - Implement

With the best possible solution identified...
Will you apply it fully - or first, test and refine?

Problem solving: part 3 - We have clearly defined our problem and created multiple options to find our best possible solution, now we must implement that solution. However, this is not the end our problem solving task - without testing we cannot truly know that our best possible solution will really solve the problem we are trying to fix.