5 Ways to Increase Your Profit …

August 6, 2010 by

If you have been around me and Business Coach for very long, you have heard of the “5-Ways”.  It’s great to know about simple profound principles that can really improve business sales and boost your business success.  However, the only way that the “5-Ways” is going to do that for your business is by taking ACTION.  So here is a challenge for every reader of this blog.  Today, create at least one strategy from each of the five ways to implement in your business over the next 30 days, and do it.
CLARITY + ACTION = RESULTS.  Here’s how to do it!

1. Review and understand the formula:
—————-Formula——————–
#Leads x %Conversion = #CUSTOMERS

#CUSTOMERS x Number of Transactions x Average $ Sale = REVENUE

REVENUE x % Margin = PROFIT
—————-Formula———————

#Leads – the number of prospects expressing interest in buying from you

%Conversion – the percentage of those prospects who make a purchase

Number of Transactions – the average number of times customers buy from you in a given period of time

Average $ Sale – this is the average amount that customers spend on each transaction

% Margin = the percentage of the revenue you keep (profit) after expenses are paid

2. create a strategy for each one of the 5 Ways by answering these questions:

1.  What is one way that you will increase the number of people interested in buying from you?

2.  What is one way that you will help a shopper say “yes” and buy from you?

3.  What is one way that you will encourage a customer to buy again from you?

4.  What is one way that you will help a customer buy a little more from you?

5.  What is one way that you will increase your profit margin?

It is also critical that you measure the result from each strategy.

Improve business…ask Ohio Business Coach, Ralph Berge 440.838.0991

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Your Goals Make a Difference

August 3, 2010 by

Goal setting for a business is as important as setting goals in personal life. The common denominator in all the self-help literature and books is the importance of goal setting. We’re told to set long-term goals, short-term goals, lifetime goals and personal goals. Often it isn’t easy.

 

There are many reasons why we don’t achieve our goals. Sometimes the goals we set are unrealistic. New Year’s resolutions are typical examples. Suddenly, we expect to change the way we eat, or the way we exercise just because the calendar changes. It’s like expecting a child that’s never ridden a bike to suddenly jump on and go, or to run a marathon without months of training. These goals are based on illusion with little regard to natural growth. You must be able to crawl before you walk.

 

So, how do we set and achieve goals for a business? Stephen R. Covey says it best in his book “7 Habits of Highly Effective People”. “To begin with the end in mind means to start with a clear understanding of your destination. It means to know where you’re going so that you better understand where you are now and so that the steps you take are always in the right direction.”

 

Setting S.M.A.R.T. goals is vital to being successful in the goal setting process. The benefits of Specific, Measurable, Achievable, Results orientated, Time-framed (S.M.A.R.T) goals have been written about in self-help books for years. So, it follows that goal setting is obviously a powerful process.

 

Ralph Berge, an Ohio business coach says It is about ‘eating the elephant, one bite at a time’ and of turning vision into achievable, actionable things. It’s the common denominator of successful individuals and businesses.

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Executive Team Building Builds Successful Companies

July 27, 2010 by

Ralph Berge is an Ohio Business Coach who helps build effective corporate teams. Corporate team building training is used to create rapidly changing conditions that require strategic thinking and imaginative problem solving.  Corporate team building training can be used to effectively enhance both teams and management in many ways including:

  • Building team trust
  • Improving communication
  • Developing strategic business planning to manage change
  • Teaching team member to think smarter and improve worker productivity
  • Managing change and help the team to accept change in the workplace

The “right” team is a businesses most valuable asset. An investment in corporate team building training has a high ROI. Regular training team training is essential.

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Why Are You in Business?

July 20, 2010 by

The strategic business plan explores key questions about the purpose for being in business. On a regular basis business owners and their teams must answer these questions and agree on the answers. The answers help to determine the essential elements of the strategic plan, such as the sales planning process. From a business strategy consulting standpoint, the key, broad subjects to be incorporated in a strategic business plan are:

   Vision

   Mission Statement

   Key Objectives

   Milestones

   Implementation/ action plan and time table

This plan, which includes strategies, actions and responsibilities, becomes the foundation of the firm’s strategic business plan. This is not a document to be completed and left in the desk drawer. It is to be shared with the team and developed into 90 day plans for the management and team to implement.

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Building Your Team is Both an Art & a Science

July 13, 2010 by

To build highly-effective teams you have to create an atmosphere for it to happen. Ralph Berge an Ohio Business Coach who provides executive team building suggests, “We must create an environment where each team member feels free to express their concerns with no retribution.” Business owners and management must understand that no idea is wrong. Team building coaching dictates that every team members’ suggestion needs to be considered and, if possible, built upon.

Remember we learn from mistakes and teams must be given an opportunity to try new ideas without admonishment for mistakes. Instead, a failure should be an opportunity to gain knowledge and to praise any safe-guards which were included in the plan. Give Ralph Berge a call (440.838.0991) for more on executive team building and team building coaching.

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When is the Right Time to Exit Your Business?

July 6, 2010 by

What can exiting from your business mean to you?  It can be as emotionally difficult as a bankruptcy or forced liquidation or it can be a planned sale with all debts paid, money for retirement and peace of mind. Planning for succession means you should plan to sell when the sale will provide the funds necessary to retire or move on to a new opportunity. It can also be passed on to your heirs, employees or partners with proper pre-planning to fund the sale.

Ralph Berge is an Ohio Business Coach who helps business owners plan their succession management.  “Succession management is an exit strategy that simply means you have planned your transition and you are ready to take advantage of the options available to you’ says Berge. Call Ralph Berge, Business Coach 440-838-0991 to get moving on your business exit strategy.

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Want to Know How to Sell… All you have to do is Ask?

June 4, 2010 by

Want to improve business sales? Have you ever answered a question with a question?  Would that be making a difference to your conversion rate? The answer to the latter is most definitely yes! Asking questions not only increases your conversion rate, but builds rapport with your customer and ensures that the sale becomes their idea and not yours. 

Asking questions also means active listening. You can ask questions about your customers work, business, kids or hobbies but make sure that you are listening with sincere interest. It may even be helpful to write down some of the answers – such as the names of their kids, interests etc. for future communication. By asking questions and listening, you are building rapport and attaching importance to their conversation. 

Also, by asking questions you are remaining in control of the conversation. Once you find yourself doing all the talking you are no longer in control. Just remember that the person asking questions sets the direction for the conversation. If the customer is dominating the conversation by asking you questions make sure you answer the question with a question. However, try to vary the questions that you ask. You may remember from looking after your own children or babysitting that being asked “but why?” over and over again tends to get a little monotonous. 

Questions can guide consumer interest, discover a need and give accurate information. There are two commonly known types of questioning – open ended and closed questions. 

Building Rapport and Qualifying…

Open-ended questions are an excellent way to ensure customer involvement in the conversation and are a key to identifying not only what they need but a lot about themselves. You can use open-ended questions to build rapport, to find a need, to discover a customer problem and find the right solution. In journalism there are six key questions used in the interviewing process which is as equally useful in sales – who, what, where, when, why and how. 

Here are a few examples of open-ended questions which are very useful:

Who are you buying the product/service for?

How often would you use the product/service?

What features were you looking for in this product/service? 

This type of questioning yields a lot of great information from your customer and helps you determine which product/service is uniquely suited to them. 

Closed questions tend to get one word answers “yes” or “no.” They can be used to gather information quickly – not unlike a check-list. Using closed questions can also confirm a buying detail and help confirm the sale. 

By using questions you are encouraging the customer to communicate, building rapport, establishing their needs, directing the conversation, diffusing tension and inviting discussion. 

Improve business sales…Learning the art of questioning and listening is the key to increasing your conversion rate and well on the way to creating a continuing customer relationship. 

Improve business…ask Ohio Business Coach, Ralph Berge 440.838.0991

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Your Biggest Competition

May 20, 2010 by

A common question that I get asked as a business coach by business owners is “Who do you think is my biggest competitor?”

Many business owners are very focused on their competition.  “How much are they charging?”  “What are the new services or products that they are going to roll out?”  “What do they say about us?”  “How well do we compete in the market compared with them?”

Frankly, searching for answers to those questions really has minimal value.  The reality is that your biggest competition is not the other guy or gal, but YOU!  The single largest limiting factor to your success is not outside, but inside.  Instead of focusing on what others are doing, the most leveraged way to improve your business and realize success is to look in the mirror.

The reason for that principle is obvious.  You can’t change the competition, but you can change yourself.  If your competitors distract you from working on your business, they have won.  Your number one job is to be the best person you can be, and to create the best business possible.  If you focus on that agenda, what your competition is doing is not too important.

Here are some alternative questions you can consider: “How am I maximizing the value of my products and services, so that I attract the best customers that will pay for value (vs. merely buying on lowest price)?”  “How can I lead and train my team to consistently exceed customer expectations?  What is it that my best customers want and need?  Am I really listening to them?  How do I express gratitude to my team, my vendors, and my customers?  Where can I seek to build win/ win relationships with strategic partners, maybe even with some “perceived” competitors?  What areas do we need to improve?  What do I need to be learning and doing to be the best leader and business owner possible?

When you start to focus on changing you and your team, then you will not have to give much thought to your competition.  That is what I do as a coach; help my clients take an honest look at themselves and change!  Be the best you can be!

If you would like to learn more about maximizing the performance of your business callOhio Business Coach Ralph Berge, 440-838-0991, Business Coach of Akron Canton.

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A Good Strategic Business Plan is Your North Star

April 12, 2010 by

The strategic business plan explores key questions about the purpose for being in business. On a regular basis business owners and their teams must answer these questions and agree on the answers. The answers help to determine the essential elements of the strategic plan, such as the sales planning process. From a business strategy consulting standpoint, the key, broad subjects to be incorporated in a strategic business plan are:

   Vision

   Mission Statement

   Key Objectives

   Milestones

   Implementation/ action plan and time table

 This plan, which includes strategies, actions and responsibilities, becomes the foundation of the firm’s strategic business plan. This is not a document to be completed and left in the desk drawer. It is to be shared with the team and developed into 90 day plans fro the management and team to implement.

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Is Your Team Ready for the Recovery?

April 8, 2010 by

To build highly-effective teams you have to create an atmosphere for it to happen. Ralph Berge a Akron Business Coach who provides executive team building suggests, “We must create an environment where each team member feels free to express their concerns with no retribution.” Business owners and management must understand that no idea is wrong. Team building coaching dictates that every team members’ suggestion needs to be considered and, if possible, built upon.

 Remember we learn from mistakes and teams must be given an opportunity to try new ideas without admonishment for mistakes. Instead, a failure should be an opportunity to gain knowledge and to praise any safe-guards which were included in the plan. Give Ralph Berge a call (440.838.0991) for more on executive team building and team building coaching.

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