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Posts Tagged Business owner

How to create more time so you can grow your business

Typically business owners try to do it all themselves. When you start out, that’s par for the course, but if you’re still doing it all two years down the line (or more), then you are probably feeling a bit frazzled or burnt out. And your business possibly isn’t growing as you’d like it to. Even if you’ve tried to improve how you’ve worked to be more efficient and it’s not er, worked, here’s another way to look at your tasks to identify what you can: Keep doing stop doing make more efficient or give to someone else to do Or, […]

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Outsource to grow your business

Are you doing everything yourself when you should be outsourcing some areas of your business? A survey carried out by the FSB in 2016 concluded that UK small business owners spend an average of four days per month on internal business administration, while 55% believe the amount of admin they face is stunting the growth of their companies. 76% of small business spend more time than they feel is necessary on compliance – tax, pensions, insurance, health and safety, accounting (and now, of course, GDPR). They concluded that the average SME small business owner spends only eight hours and 50 minutes […]

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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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