book summary

THE BUSINESS COACH




By

Bradley J.Sugars



There is the secret of success which is the 6 steps to Massive Results. The coach used this program to walk us up the ladder of business growth, as start with a solid base before getting the serious growth, at the mastery Level – getting the fundamentals in place. Once making a consistent base profit, then moved onto the next level – Niche - where to began marketing and focusing on making more revenues at the new higher
margin.

Mastery – the first stage of growing any business is about making sure we deliver profitably, productively and with enough information to make great decisions. We need to start by concentrating on the money first, to find out how well we are in control of our financial situation.

Money Mastery – not only do we need to know my historic numbers, but the ones that will create our future as well. Money Mastery is a fascinating subject, and to master it we need to master each of the four most important areas of money in our business.

Money Mastery consists of four sub topics – Break Even Mastery, Profit Margin Mastery, Reporting Mastery and Test and Measure Mastery.

Break Even Mastery – know how many sales, customers, or dollars, we need to make per day to break even and then to hit our profit goals. How do we know whether we’re breaking even? Then we need to calculate the fixed costs. For example, the rent, electricity, water, wages and the cost of all our basic materials like flour. The coach want us to remember is in business, Profit is King.

Profit Margin Mastery – we can set a budget for profit each day, week or month and implement strategies to get there. We need to break our business down into a simple formula of what the business looks like.

Leads x Conversion Rate = Customers x Number of Transactions x Average Dollar Sales

= Turnover x Margins = Profit.

Think of this way: the margin is based on the selling price, whereas the mark-up is based on the cost price.

Reporting Mastery – it’s vital to know our numbers each day, week and month so we can make decisions for the future. When comes to marketing, we can TEST to see which elements are working and which are not. Then we refer to the activity as Testing and Measuring. That is recording our Key Performance Indicators or KPI’s. For example, we are going to re-measure the average dollar sale. We make a note of every sales, keep it at the cash register and whatever happens it must be filled in after each and every sales.

Delivery Mastery is means of reliably and efficiently delivering what we make or sell to our target market.

Test and Measure Mastery – we can predict our future profits by measuring the Key Performance Indicators in our business or KPI’s. This means we should be doing two things when implementing profit or sales boosting strategies: we need to firstly know what our numbers are before the strategies are started, and then we need to test and measure the results of our strategies as we go along., then we re-design the testing and
measuring sheets to monitor the results.

Delivery Mastery – consistency is more important than brilliance. Stop any leaks, as there is no use filling the tub if the plug is left out. We need to be able to consistently deliver the right quality stock at the right time.

Time Mastery – our productivity and the productivity of our people will determine our success and profitability. In order to grow our business, we need to carve 10 to 20 hours a week out of our busy schedule. Considering that we are probably working 60 to 80 hours, this may be difficult, but shouldn’t be impossible. Once we have some time to invest in team building and marketing, we will see our business begin to grow. Let’s find out where our time is going.

Goal Mastery – Having Clarity around where we are going to where we are driving the business is vital to our success. Start first by writing down our vision to overall ‘thing’ we want to achieve in business. And then the mission statement, this is to show us how we will reach our vision. Once the mission sorted out, we will develop our culture statement. And finally, we need to write down all the Milestone or goals that show us
that we are making progress towards the mission and vision of our business.

Self-Mastery – We must use our internal discipline and the discipline to our coach to keep ourselves focused and achieving. This is all about planning our day and then working our plan.

Mastery is about the first part of the coach’s definition of a business : A commercial profitable Enterprise that works without us.

Niche – Once we are running smoothly at a base profit it’s time to find our market uniqueness and build our marketing and sales machine.

The business chassis is vital to growing our business and if worked well, it with help us multiply our profits. Let’s start with our number of leads. This is the total number of potential buyers that we contacted or that contacted us last year.

USP & Guarantee – our marketing needs to convey what is unique about us and why someone should buy from us today.

Marketing rules

1. Marketing is an investment when we test and measure.

2 . Spend more time generating income instead of reducing costs.

3 . Put 50% of your time, effort and investment into distribution and more importantly the other 50@ into sales and marketing.

4 . Test and measure everything.

5 . Buying customers is an investment, so set our marketing budget by our acquisition cost.

6 . Never just chase market share; go after wallet share instead

7 . We are in the profit business.

8 . Establish the long-term view of the value of our customers and know their lifetime value.

9 . Always aim to reduce our acquisition cost and raise our lifetime value.

Leverage – Now that we have great cash-flows and profits it’s time to put systems in place to handle the extra work.

There are four types of leverage;
- Structure leverage

- How to leverage

- Management Leverage, and

- Technology leverage

Structure leverage – getting the right people in the right places, with the right plan, moves our business away from people dependency to systems dependency.

Organisation chart leverage – getting the right people in the right places in the right places starts with knowing what the right places are. A person’s positional contract must clearly state the objectives, goals, responsibilities and accountabilities of the position.

Position contracts leverage – giving people a clear picture of their role helps them achieve more. The system needs to be fair and consistent, and linked with key performance indicators and be taken into account when considering promotions and salary or wage increases.

‘How to’ leverage – now that people know what they have to do, it’s vital to make it easy for them to learn how they should do it.

Routine versus exception leverage – make a list of everything routine and break it into timeframes. Always leave a way for someone to handle the exception.

Flowchart leverage – everything has its place and to make systems work we need to show people where it all fits.

Photograph, document, record and checklist leverage – now that we have a list that fits together we need to get to work and write, record or checklist how it’s done.

People management leverage – managing people is all about time and skill management, and then training. The type of training is depends on what type of business we run.

There are technical, communication skills, supervisory skills, conflict resolution, computer skills, financial skills, management skills, telephone skills, sales skills, first aid and emergency training.

Cycle of business – the owner supports the team, the team supports the customer, the customer supports the business and the business supports the owner and around it goes again.

Team recruitment and induction – recruitment in great companies is about de-selection, not just selection.

Key to a winning is we building a team that achieves more is about 5 key fundamentals.

Strong leadership – we need to be a decisive and assertive leader so our team can have confidence in our direction.

Common goals – we have to have a goal that not only everyone knows and believes in, but one where everyone wins.

Rules of the game – when we give our team a clear set of guiding rules it’s easier to get the job done.

Action plan – when we give our team a clear plan of who does what and by when, it’s easy to commit and start working.

100% involvement and inclusion – each member of our team is responsible for being involved and as the leader it’s our role to include those who are having trouble being a part of the team.

Communication – it’s the oil that keeps the team machine moving and we can never have too much of it.

Synergy – now that everything is coming together it’s time to turn up the volume and make sure that the outcome is far greater than the inputs.

Synergy leadership – as we start to grow faster and faster, cracks will appear, we need to be a problem solver and keep one eye on the future with one eye on the present.

Results – now that everything is running and growing smoothly it’s time to enjoy the fruits of our labour.

The coach shows us how to climb the ladder of success in our work and our life. He shows us how to transform our lives by following his simple and extremely powerful strategies for business and life success.