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10 things to do in the next 10 days to grow your business

Business Guru Robert Craven Speaking At The GA Members Day 2012

This month I had the pleasure of meeting Robert Craven, one of my favourite British business experts. My businesses have benefitted greatly from using the advice in his no nonsense, down to earth books: Bright Marketing and Customer is King. Having seen him speak previously I was keen to invite him to talk at this years Giftware Association Members Day. To my delight he kindly accepted.

Here are the highlights of his talk entitled: 10 things to do in the next 10 days.

1. The number one thing holding you back in your business is YOU.

In a survey of successful millionaire business people the most common thread found was that they held themselves accountable for their successes and failures. Those in the 'wannabe millionaires' club tend to blame everything and everyone else: "The banks won't lend, I don't have the time, my staff are rubbish, etc." Acknowledge that it is up to you to make things happen and do it.

2. Increase your prices.

Ditch the customers who come to you because of price and focus on your relationship with your loyal customers. Lowering your prices is insanity when your competitors can match them. There are various ways of increasing your prices that Robert goes into in his books along with the effects that need to be considered. A simple example given though is: Increase your price by 10% and (with a 30% gross margin) you can afford to lose 25% of your sales volume to make the same profit. Decrease your prices by 10% and (at 30% gross margin) you will need to sell another 50% in volume to make the same money. That means working Saturday and Sunday on top of your five day week to make the same profit.

3. Decrease your Direct Costs

If you cut your costs you'll increase your profits. This may sound obvious, but so many businesses forget to go back to their suppliers as they grow and ask them to sharpen their pencils for a better price. Build this into your annual routine and do it every year.

4. Be remarkable

The more remarkable you are the more people will make remarks about you and the more testimonials and referrals you will get. Interestingly around 74% of people don't trust advertising and 78% trust recommendations from friends and colleagues. Being remarkable means you can cut your direct advertising costs and boost sales by referrals!

5. Sort your Proposition

What is your offering to customers? What do you sell and why should they buy it from you? Make sure all of your staff know it too!

6. Talk, Ask, Close

Communicate with your customers, ask lots of questions, understand their needs. Close the sale. Robert currently challenges managing directors he works with to do 60 meetings in 6 weeks with customers to improve the offering and do more business. Those that take part in this have been reporting large increases in sales.

7. More customers, buy more, buy more often

There are only 3 ways to improve sales. Find more customers, get customers to buy more and get them to buy more often. Work on increasing each of these metrics by 5% and the compound effect on profits is substantial. The other thing to keep an eye on is stopping customers leaving you. Make sure customers don't leave you because they think you just don't care.

8. Collect your Money Faster, Write Cheques Slower

Cash is king and to avoid having cash flow issues you need to get the money in fast and have good credit terms with suppliers.

9. Decide, disrupt. No DIY. Take Massive Action Now.

Get on with it. Change your status quo. Get help from an expert to take yourself to the next level. Do it now.

10. You fill this one in for yourself

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Remember, don't pick one thing from this list or do them one at a time. Do all of them together simultaneously and watch the effects they have on your business as you gather momentum.

In summary, remember that we are often stand in our own way and are our own worst enemy for growing our profits. Make sure that you work ON and not IN your business. Charge sensible prices. Do it now with vision, leadership and focus.

Robert Craven works with ambitious directors of fast-growing businesses who feel that they could be doing even better. If you'd like to know more about him click here to visit www.robertcraven.co.uk

To find out more about future GA Events click here or to join the Giftware Association click here.

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Click here to watch Robert Craven speak on 10 things to do in the next 10 days or click play on the video below.

NB: Robert's talk really gets going around 2 mins 20 into the video so do scroll forward to that time.

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