Being efficient is sometimes difficult when there is so much going on in our lives and in our businesses. 
For my time I use a google calendar, which is cloud based and easily accessible from any device. 

I have a google calendar set up for all my roles:
– As mum and wife we have a family calendar with everyones activities, work schedule, social and sporting activities. Everyone has a colour and everything is entered. 
– For my clients I have a calendar for their businesses with my dedicated time where I can attend meeting and so on. 
– Finally I have a calendar for my business, my volunteer roles and committees.

All of these are integrated and although it looks very scary it works. It’s on my phone, computer and ipad. So i can clearly see where I need to be and I can block me time as needed. 

The answer is simple but the strategy is not so simple. 

An exit strategy is how you plan to leave your business. Are you going to sell it, are you going to divide it up and sell portions of it. Are you going to bring in partners, are you going to put a General Manager into run it?

What is your plan to remove yourself from your business?

The next step after deciding how you want to remove yourself is to look at the financial plan around that. Whats involved? Are you taking your investment out, will you need to be paid out, where is that money coming from? At what multiple are you looking for? What type of investment will be needed by new owners or partners?

 Then look at the timeframe of when you may want to get out, what the lead up to that looks like based on the plan you have. 

These are all the types of questions you will need to ask yourself when deciding on your exit strategy. 

What usually happens with small to medium size business is;
– The business is built by the owner
– The business is dependent on the owner. 
– The owner gets exhausted from holding everything together in the business and becomes burnt out. 
– There is no one to take over so they try to sell a few times. 
– No one wants to buy a business that is based on the contributions of one person.
– After months or years of the business not selling, the owner decides to close the doors and shut down the business.

It happens every day in Australia. Maybe thousands of times per day. 

Ensure you have an exit strategy for you and your business

As business people we all have varying degrees of experience, knowledge and connections. 

A mentor will help you look at your business and your life from a different perspective, give you options, help solve problems and guide you along your journey. A mentor especially a paid one will provide you with support, help you minimise issues in your business and show you the best way forward. 

Over my time i have had many business mentors paid and un paid. The value I have received from each one of them has been significant.  Overall they have provided me with a true sense of understanding of what I am capable of in my business. Then they have each provided me with the support to make the necessary changes and improvements.

The value of a business mentor is significant. Running a business can be lonely, stressful and draining, have a professional on your team for just 1 hour a week makes a massive difference. 

If you are looking for a business mentor, take a look at what I am offering. Sarah Colgate – Business Mentor and Coach

What mistake do you see most often in business?

This is easy – money!

Every time I have seen a business get into trouble it’s because they have run out of money. I did this myself when I had my first major business. A bookstore. 

I had a plan for this business, an indepth and detailed plan:

– Products : What books to buy, what margins I would make,  

– Customers: Who were may target customers, how I would get to them 

– Marketing: An in depth niche marketing strategy to attract high value customers 

– Finance: Where the money to set the business up came from, how it would be spent where I could save money. 

The one major consideration I didn’t pay close attention to was cash flow.

I had sales coming in the door and each month I had money in the bank to pay bills and market the business, however the stock requirements to keep the store full and looking good was significant. All stock had to be paid for up front and if it didn’t sell quickly enough then money got tight, very tight. Eventually I ran out of money. The cash didn’t flow. 

A very valueable lesson and something I see business owners fail to manage every day. 

The nest business I went into I had a detailed cashflow. I looked at it daily for the first 6 months then weekly for the next 12 months, following that when i had built up good reserves it went to monthly. This business was successful because I knew it could pay its own way. When things slowed down, spending slowed down or resources were adjusted.  Knowing how cash flows into and out of your business is the most important consideration as the owner, manager or executive responaible. 

Cafes are essentially servicing local people and the local community. 

If you want to build your business look at the following strategies;

– Be active in the local community. Attend the chamber of commerce,  connect with business owners, know the local community groups.

– Offer to sponsor a community group each month to have a coffee catch up at your cafe. Maybe it’s the local primary schools P&F group, a mother group, seniors swimming group. Invite them in and give them a great value offer to keep coming back each week or each month.   

– Provide great value offers in times when you are a little quiet. It might be weekday afternoons, offer coffee and cake or cookie deals. Put up some posters, advertsie on social media. Send out emails to your local customers inviting them in for these special offers. 

– If you know there is a lot of single people or seniors in the lcoal areas offer pre cooked takeaway food  for evening meals. Easy healthy meals that customers can just heat up when they get home.

– Identify a niche that can help your customers and provide it. Who are yoru customers? Talk to them get to know them and ideas will come to you soon enough. 

– The cafe we walk to each Friday is Pooches & Pastries they offer dog washing in a separate area, doggy treats and dog friendly areas for you to sit and have coffee. 

– Invite regular customers in for a taste test every month or two. Try out new meals, recipes and baked goods on them. Get their feedback and build rapport with them.

– Reward customers for their loyalty. For more information on build a loyal customer base check out my blog.

I can help you with a range of services. 

Essentially I support and provide services to help you grow you business in a profitable and sustainable way. 

Business growth comes from a range of areas;

– Increased sales or customers, through increase marketing efforts 

– Increased number of products or services for sale.

– Geographical expansion

– Aqusition.

 However you want to get there, I can help you.

I normally hate to answer a question with a question however I will on this occasion.

To truly identify your target market there are some questions you need to be asking yourself?

• Who are you trying to help?

• Describe who you are trying to help? 

• What do they need? 

• What challenges and obstacles do they have?

Also consider who is currently buying from you and why? If you do not know this then ask them.

There are so many barriers to potential business growth however the number one barrier is your mindset.

You need a growth mindset. 

If you open up your mind to endless possibilities then you have overcome the first hurdle in business growth. Mindset of the owner is a key to how the business runs and the culture of the organisation. 

When you have a growth mindset and believe anything is possible your team will too. 

Try to stop saying no and start saying, I will consider it.

You will be surprised how quickly business growth opportunities and ideas start to appear in front of you.

The top three most common mistakes I see entrepreneurs make when scaling their business is;

1. Managing their cash flow.

2. Failing to plan and truly understand what expenses will be incurred.

3. Communicating with their teams on how the business will grow and what’s involved. 

The reason I know these mistakes is because I have made all of them. It’s easy to get excited about expansion plans however I suggest before you launch head long into business growth ensure you know what the plan is, what it costs and how you are going to pay for it.

The best way to overcome objections in the sales process is to ensure you know where the objections are from.

Understand the objection, what’s driving it and whether that is within the control of the person you are selling to.

The only way to know this type of information is to ask. I suggest you ask open questions to get as much information as possible. 

Then take your time and think through how you will address each of these objections. Maybe you can provide a different product, adjust your service slightly and ask your client what you can do to work with their objections.  

When you have a highly competitive market the key to success is to focus on your product, your brand and your point of difference. 

It’s easy to get distracted and focus on what’s happening around you; however, that is exceptionally dangerous because your energy goes elsewhere. 

You need to focus all your energy on what you are doing and ensure you are doing it well and keeping your customers happy.  

To create a successful campaign look at what your customers need, how you can help them and then what your customers want.

Build a marketing campaign around meeting those needs, wants and helping your customers.

Add some fun, come up with something super creative and catchy so your customers will feel good about engaging with you. 

When you have something fun and catchy you are happy with, build a strong marketing message addressing your customers needs and wants then outline how you can help them.

Then start pushing it out on social media, google, your website, your electronic direct mail pieces and through every channel you can. 

Creating a successful tourism marketing campaign can be fun, create vibrancy and be engaging for your customers.

In my opinion short term profitability need not be a phrase that any business uses. Profitability is always short, medium and long term. There are just varying degrees in how much profit.

Therefore, what is actually being asked is;  Do we sacrifice profitability for growth? 

I have done that in the past, to buy another business or a significant asset that requires funds. Only you can answer that. 

For me growth isn’t about sacrificing the business you have, it’s about extending it. Maybe using its assets to create a new range of products, or acquiring a complimentary business that will build on your existing business and provide variety and depth to your team’s roles. 

Before you sacrifice anything, look at what other options there are so you can maintain profit and grow.

I am not sure marketing solutions can help businesses, however the data you collect in order to make marketing decisions can certainly help businesses adapt to changing market conditions and consumer preferences. 

In order to spend your marketing dollars wisely you need some form of data, research or information to know where to spend and what to spend. This information comes from market research, understanding consumer needs and knowing what’s happening in the market. 

In order to adapt to changing market conditions you have to have the information and also have the mindset of change. Be open to improvement and gaining more understanding as well as the desire to make changes to keep up with demand. 

There are so many businesses in the world that keep doing the same things year after year because that’s what they have always done. However the market has moved on and left them behind. Their market share is diminishing and they have no idea why. 

Step 1 – Ask your customers what they want and how you can improve.

This is straightforward for me and something every business needs to be doing on a regular basis. 

Know where your income is coming from and why.

Key considerations are;

1. What does your sales look like? Compare them to previous months or years if you have that data. 

2. Where are your customers coming from and how are they booking your products?

3. Measure all your channels and see what’s bringing sales in and what’s not. 

The key to effective leadership skills in my opinion is communication. 

When you are communicating openly and regularly with your team you are:

• Creating an opportunity to collaborate

• Talking through with your team how the business can be better

• Sharing information

• Asking questions to gain a better understanding.

• Showing your team the way by example. 

• Providing feedback 

Also allow people to do their jobs without you telling them how to do it. 

Talk through with the team on what they feel needs to happen, ask them questions and provide them with feedback. If you need to provide them with suggestions on what you might do in the same situation. 

Leadership is about showing people the way and supporting them to get there. Not doing it for them.

Essentially if you don’t have a growth mindset it’s going to be difficult for you to grow your business. 

A growth mindset provides you with a foundation to look beyond what you are doing now and. Look for future opportunities or ways to improve and grow your business. 

If you can’t see a way forward in your business or a way to grow your business then I suggest you start listening to what you are saying about your business, listen to what you are saying about business growth. 

Maybe even write down your thoughts on this area in order to bring them to the surface. Once you have done that, consider whether your thoughts are of growth and possibility. 

If they aren’t, start educating yourself to create a positive mindset, positive thinking and retraining your thoughts. 

Thoughts are what creates you and everything you do.

The best way to stand out in a crowded market is to showcase your unique selling proposition. 

Visually show people why you are unique and better. 

In addition, look at ways to access your target market directly instead of falling into the general mainstream marketing. 

If you have a product or service that fits the general public I suggest you find a niche to chase to start with and get your business moving. 

Be unique, chase your target market and create a niche – 3 ways to stand out in a crowded market.

If you are doing the same thing over and over without any growth or without any profit then it’s time to adapt or pivot your business strategy.

Remember Albert Einstein’s quote – “Insanity is doing the same thing over and over and expecting different results.” 

If you are not getting what you need from your business – make a change. 

Business is ever evolving and changing, nothing stays the same including the market. 

So be flexible and agile with a focus on profitable business growth.

We all have up and down days. No two days are the same. 

My version of resilience is believing you can handle most challenges and still move forward. 

The key to handling everything in business growth is knowing what your goals are and that there are going to be good and bad days and believing you can get through it and reach those goals. 

Self belief builds resilience and resilience allows you to achieve almost anything.  

Business is different for everyone and everyone has a different perspective on business and what they want to achieve.

I have a coaching structure in place that I follow. The structure outlines the steps involved in the process however the time taken is determined by the business owner/client.

My approach is to 100% customise the plan to fit the needs of the client based on a number of factors:

1. Past business experience and type of experience the clients have had previously.

2. How far along the planning process you are and whether the business is a start up or already operational.  

3. The complexity of the business model.

4. The goals of the business owner.

From there I provide an outline of what the process looks like and we can discuss how we work through that.