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Posts Tagged Business owner

A simple way to work out how much you need to sell to hit your revenue targets

I was with a client recently and they shared how much money they wanted to be able to take out of the business in the long term. So what we needed to do was some maths to work out how to get there. And here is what we did. I’m going to make up the figures to preserve anonymity. They ultimately wanted to be able to take £5000 a month from the business. Stage 1 – identify current revenue and profit margins 1. Identify current annual revenue (sales or turnover) 2. Identify the net profit (the amount left over after […]

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Successful businesses have a plan

That successful businesses have a plan shouldn’t be too much of a surprise to you.  But the number of businesses that don’t have plans is extremely high – in excess of 75%. And then they wonder why they languish in what Daniel Priestley, in his excellent book, Key Person of Influence, calls the ‘Struggle Zone’. The Struggle Zone is characterised by small business owners who either work on their own, or have up to two people working for them. They have no time, no money and are hugely stressed and on the verge of burnout. This is not what they imagined […]

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10 top tips for start up businesses

This week, my blog post can be found here http://www.businessdoctors.co.uk/viewpoint/112/10-tips-for-start-up-businesses Normal service will be resumed next week.

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Why selling on price is a bad thing (and why differentiation is a good thing)

It’s very tempting to be the cheapest because that’s what you think you need to do to win business. This blog explains why it’s not a good idea.

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Five good reasons why self-employed business women shouldn’t undersell themselves

Did you know that from 4th November 2014, women were effectively working for free compared with their male counterparts? It is 40 years since the Equal Pay Act and yet women working full-time in the UK are still paid on average 15.5% less per hour than men, according to a women’s rights campaign group, the Fawcett Society. But there has been some good news. Due to lobbying from the likes of Grazia magazine’s ‘Mind the Pay Gap’ campaign and Labour MP, Sarah Champion, proposing that section 78 of the Equal Pay act should be enforced requiring that companies with over 250 […]

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