Posts Taged business-building

The Big Game of Business

When I talk to business owners, we often get into the conversation of how much should a business owner expect to make?

Different business graphs with Think Bigger sign

My rule of thumb is simple… Take what you think you’re worth as an employee… And multiply it by 3…(3x)” That should be your minimum expected take home, after tax wage! For most people in business this blows their minds. They look at their current profit and realise this figure is an order of magnitude away!

So, lets look at why 3x? It’s simple. When you decided to become a business owner, you probably did it for one of 2 reasons. 

  1. You either wanted to make more money, work less hours, or just be your own boss. 
  2. Or you didn’t have a choice, you were retrenched, made redundant, or are just unemployable.

 

When it comes to setting a goal for your business, the main number you need to look at is Leftover, not Turnover. That is net profit. As an owner, this is the reason we run a business. The problem is that this number can be highly variable. What I mean is that when you have a quiet month, you will still pay the bills, the wages, even the tax man. But the first person to miss out is you.

So the reason we aim for 3x your wage is risk. And risk is something that very few people value and expect to be paid for. You see, in a job you get holidays, sick pay, superannuation, long service leave and other benefits, when you decide to run a business, you sacrifice all of that for the dream of freedom.

Now for the brutal truth…. It is nearly impossible to be self employed and maintain this type of income. The only real way to achieve 3x is to build a business that works without you. The first one will be hard, but once you’ve mastered the skill, it becomes so much easier.

One of the best kept business growth secrets is acquisition… yes, buying other businesses is the quickest way to grow yours. I call this the big game of business, and it cannot be played when you are stuck in the engine room. You see, building your business system and your team is really about giving your the time to play the big game. That is, acquiring your competitors and expanding your service by adding complimentary services. 

When you get to this stage, business growth is exciting and rewarding. One of my favourite books on the subject is “The Magic of Thinking Big” by David Schwartz.

So don’t let the day to day busyness get in your way. Start today by committing to building your leftover to 3 times your wage, and get to work on building your business system so that your business can work for you.

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Getting an Agent or Distributor to Help You Expand into International Markets

For Australian businesses, the international market offers an excellent opportunity for business growth. For companies looking to expand into international markets, sourcing an agent or distributor is generally the first step. Before this step is taken, it is essential to understand the role of the agent and distributor, and to research the type of agent or distributor that will be of benefit to your business.

timesheet fraud
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BONUS: Nobody Does It as Well as I do!

When believing you’re the best is a BIG mistake

The journey to becoming a successful business owner has many stages. Each one of these stages needs you to learn, understand, and master the fundamentals. This will help you find and train the best people.

The secret to becoming an entrepreneur is finding people that are better than you at the skills the business needs, and giving them a reason to want to work with you.

In this video, I’ll be discussing the entrepreneurs ladder, and the steps that a successful business owner needs to take to build a sustainable structure in their business. That way the can attract the right people to give them the confidence to move up and develop their entrepreneurial skills.

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Business Mistake #10: Are You Employing The Right People?

In business, you get the people you deserve

Can’t find good people, or just can’t get my team productive.

This is a very common mistake in business. I say mistake, because it is the owners responsibility to fix. A good friend of mine once said “In business, you get the people you deserve”

The one thing I know for sure, is that the ONLY way to build a great business, is by building a great team.

And the good news is, it’s not as hard as most people think. It’s just one of those things they never taught you at school.

In this video, I’ll be guiding you through the principles of building a great team and how to find and keep great people.

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Business Mistake #9: Working Hard…But not Smart

How to Master the simple principle of Leverage in your Business

If you’re already working too hard, the last thing you want to hear about is how to grow your business.

I mean, why would you want to work any harder, right?

The trick is not to work harder, but to work smarter. And the way to do that is by creating systems to “leverage” your time, and your resources.

Do the work once, and get paid forever, or at least a very long time… That’s what leveraged activity is all about.

In this short video, I’ll be covering the simple principle of leverage and what to do about it.

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Business Mistake #8: Lots to do but not enough Profit

Perhaps the most valuable business secret you will ever learn.

A good friend of mine once said, that in business, “It’s not about turnover… It’s about leftover…” or profit.

In this simple but powerful formula, I’ll show you how you can make simple changes in your business and compound the result to create significant profit.

We’ll go through the 5 areas that you can specifically focus on to easily increase your profitability. I’ll show you simple, easy to apply strategies that will create instant improvements, then bring them together to achieve dramatic results.

For the past 11 years, this one area alone has produced most of my clients results, so take some notes and work this into your plan.

I look forward to hearing of your success.

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Business Mistake #7: Just not enough good quality leads

t*h2 style=”text-align: center;”>Why Good Quality Leads Are Important

Getting good quality leads is what marketing is all about. And it needs to be simple and effective. It’s too easy to blow big money on marketing campaigns with little or no result.

The secret to a great marketing campaign is preparation. Do the groundwork and you’ll guarantee a much, much better result.

You see, marketing is maths, and if you do the math first, you can quickly determine if your campaign is an expense or investment.

In this video, I’ll be showing you the fundamental secrets to a successful marketing campaign and how to create an unlimited marketing budget.

Make Referrals Really Work In Your Business

Download the “Instant Referral Strategies” E-Book Now!







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Business Mistake #6: Losing sight of your Goal or no clear direction in the first place…

What’s the best way to set business goals?

Try this simple test…

  • Do you have clear business goals?
  • Are they in writing?
  • Can you repeat them without looking?
  • Can your team?

99% of people I meet say yes to the first question, but quickly fall away as we move down the list.

We all know that setting goals is vital to success, but so few actually do it well and consistently.

In this video I’ll show you why goals setting is so critical, and how a business owner should go about setting their goals and keeping them in focus.

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Business Mistake #5: Rework… Having to Fix Problems all the time

Are You Delivering Profitable Products and Services?

Sounds obvious right? But for too many business owners, they’re so busy just trying to stay afloat, that there is just no time or attention placed on delivering and exceptional product.

This in turn puts pressure on the sales and marketing side of the business because there is a lack of repeat business. Or, even worse, you’re just busy fixing problems, rather than delivering profitable products or services.

In this short video, I’ll be explaining why deliver is so important and how it sinks most businesses.

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Business Mistake #4: Running out of Time…Just too busy doing “STUFF”

Busting the “I don’t have enough time” myth

“I don’t have the time!” are the most popular words I hear when it comes to working on your business. The truth is that this is the WORST excuse ever.

In reality we all have exactly the same amount of time, it’s what we do in that time that determines our success.

Your most valuable asset in life is your time. In this video you’ll learn the simplest way to manage this invaluable resource.

Gain back control of your time so you can focus on the most important things.

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