What to Consider when Setting up a Business

Setting up your business in the right way will help you achieve the greatest results. This is going to help you if you’re just starting out or if your business is already underway. Remember that results happen when you make the right decisions in business, and the more you make the right decisions, the better […]

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Directly above view of unrecognizable business people sitting at table with papers and setting up business goals at meeting: businessman checking message on smartphone, lady making notes on sticker
Directly above view of unrecognizable business people sitting at table with papers and setting up business goals at meeting: businessman checking message on smartphone, lady making notes on sticker

Setting up your business in the right way will help you achieve the greatest results. This is going to help you if you’re just starting out or if your business is already underway. Remember that results happen when you make the right decisions in business, and the more you make the right decisions, the better your results will be.

When you’re starting a business, and you’re looking to build it into the seven-figures, you don’t need thousands of clients. Create a core group of clients who respect and trust you. Think about the numbers: if you have a hundred clients that spend £1,000 apiece each year, that gets you to six figures, £100,000. If you have a thousand clients that spend £1,000 apiece each year, that gets you to £1 million. You can also take one client and turn them into two clients.

At many of my events, I talk about decision-making and how it is a process where you must determine the very best thing that can happen in a situation. You need to ask yourself: “What’s the best outcome I can get?” “What’s the very worst thing that can happen?” and “What’s the most likely thing that can happen?” And if you make your decisions through that process, you should start to see that you achieve better results almost immediately. I can promise you that these decision-making questions still ring in my head when I have to make good decisions and decisions that will impact my business in the right way.

A business that is profitable accumulates cash and keeps that cash in the bank. Cash is the lifeblood of any business. So, you want to make sure that you are creating profit. And the more profit and growth you drive into the business, the more the business will thrive. Always ensure that your profit is constantly growing.

If you want great results, there are several things you need to be doing. It is important to pay attention to the key indicators of your results: your profit generation, the happiness of your clients, your value, and the goodwill you create in the marketplace—all of these will be directly proportionate to the amount of profit you generate for your business. You want customers who become clients, because clients will buy from you many times, as opposed to just once, and will refer people to you as well. So, if you have great clients, it’s a great indicator that you are creating goodwill in the market.

What you want to do right now is increase your profit. That is key because profit is one of our main indicators. The more you can increase profit, the more your business is going to thrive. You do this by increasing margins, by having the right people around you, by getting the right coaching, the right voice, and that in turn ensures that you keep increasing your profit. There are a few things that you can do to increase profit. One is to increase sales. The more sales you have, provided they’re profitable, the more profitable you’re going to see. The second is you can cut costs, but there are several costs that you should never cut. You should never cut out getting the right advice, the right training, or the right coaching because that’s going to keep you on track.

Some people want to cut marketing, but when you cut marketing, you stop putting the fuel in the engine, and eventually, you stop earning profit. Marketing is a vital part of achieving great business results. How are you getting your clients right now? Most businesses are getting referrals from their existing clients, who are also giving them repeat business. What advertising have you tried? Have you tried to get new clients? Do you know who your ideal client is? If your ideal client was in front of you, would you know what they look like? Do you know their demographics? Do you know all about them? The more you know about your ideal client, the more you can attract and keep them.

What is your business message? The more you communicate your message, the more you’re going to attract the right people, so try and keep your business message on point. How do you communicate with your client in a way that makes them care? And this comes back to your why and your message. The more your message resonates with your clients, the more that you are going to be able to create goodwill, the more existing and new clients are going to be attracted to you.

In order to get great business results, you need to have great relationships. Relationships are a huge part of business. And the more you cultivate great relationships with your suppliers, your clients, with the people that are interested in your business, the more you will create great exposure for your business. If you want great results, look after your clients and they’ll, in turn, generate profit for you, because they’ll give you repeat business and will give you referrals.

How do you create great relationships with clients? Building a good reputation is a great place to start. There isn’t a single person out there who would ever say that they wouldn’t be able to approach me with an issue or get my help with an issue because I am always there for my members. If you had an issue, and you’re one of our members, you know you can always reach out to me, and I will try to help you in whatever way I can. Keeping your word is very important. Nobody should feel like they got the raw end of the deal because they did business with you. So, if you can create a win-win by being a valuable and trustworthy person, then you will in turn have great relationships and will succeed in your business. Look at relationships for the long run, not just a quick sale. I liken relationships to the saying, “Penny wise, pound foolish.” Sometimes we get too concerned about watching pennies that we cost ourselves the pounds (the currency). Watching the pennies is important, but not if it’s going to cost your business and relationships. Relationships are more important than pennies, and you can take that to the bank.

If you want a growing business, you need to keep your eye on the margins. You need to ensure that your pricing is correct, that you’re making good deals, that people are coming back, and that they’re referring people to you. You should always be looking at your pricing. You should always be looking at your value proposition because value massively outweighs the cost. The more value you create for somebody, the more you can charge for your products and services. Have a clear value proposition and don’t overprice it, but make sure not to underprice it either.

Another way to get great results in business is to look at your investment. As you grow a business, you are going to need investment, and that can come in several forms. You can invest in yourself if you have the funds available, or you can seek outside investment. You can bring banks in to invest in the business, or even use crowdfunding. If you’re going to run a business and you’re going to grow a business, you will need the right level of capital to do it, so it’s important to always be looking at funding.

It’s also important to control your costs because that’s where a lot of business owners fall. You should invest in areas that create growth, like marketing, sales, coaching, business strategy, and improving your weaknesses. These investments will appreciate and will go up in value. For example, your investment in marketing will increase the number of potential sales your sales team will have, which will give them more to work with, which will improve your results. If you invest in those areas, you’re going to find that you can create a great business and improve your results.

Think about your business and getting better results. What are the results, and what do they mean to you? Think about your marketing and your message. Look closely at your relationships in business and make sure you’re continuously maintaining existing ones and creating great new ones. Keep your eye on the numbers—you need to continuously look at increasing your margins and constantly monitor your pricing, making sure that you are controlling your costs. If you do that, you’re going to start to see better results. You’re going to start to create wealth.

Now, I’d like you to do a simple but powerful exercise. I want you to write down the best results you’ve ever have had in marketing, in relationships, in financial decision making, in increasing your profit margin, in cost savings, and in investments. Think carefully about the most amazing results you’ve ever had in a business relationship that’s created a great opportunity for you, allowed you to change the business, or create your amazing success from a relationship. What is the best financial decision you’ve made in business or in wealth creation? How have you increased the margins in your business? What’s the best result you’ve ever had when it comes to increasing margins and how have you saved costs in your business or create a great investment that’s helped you grow? Now that you’ve written your responses, ask yourself how you can apply those results to your business. What can you learn from those lessons to bring them back into your business and create a better result?

If you enjoyed this article and you’d like some in-depth training on how to grow and market your business, visit Big Business Events.

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