The age old question “How do I achieve business success” was finally answered by Brad Sugars at an Action Coach seminar attended last Thursday.
Brad was just your average boy born and raised in a typical neighborhood in sunny Brisbane who has grown to be recognised as one of the top 5 CEOs in the US.
Brad is the owner of countless successful businesses across the globe, one of which being Action Coach. Action Coach is rated as the largest and number one coaching franchise in the world. All this started with a boy from Brissie.
Brad shared the “28 Reasons Why Business is Booming for Brad Sugars” and contributes the success of all his ventures by following 28 simple, yet effective principles:
1.What recession? – Always make the best out of every opportunity.
2.Season of business – Save money and when things are on a high and use it when things start to decline, instead of completely cutting budgets, staff, marketing and resources when things get bad.
3.Multiple streams – start making money from multiple streams so that when one slows down you still have others
4.Responsibility – Don’t Blame others, take responsibility.
5.Play 100% – Take Risks = Failure Expected And Realised
6.Gratitude and Celebration – Thank all of your clients for their business because without them you would be nothing. And celebrate your success on a regular basis.
7.Learn before you earn – You can’t get any better if you don’t keep learning new ways to get better.
8.Have ambitious goals:
Dream Big – Make a bucket list
Goals – Write them down
Plan – Write a good business plan that others could use if you went away.
Action – Take action! A great idea or plan is useless if you don’t take action.
9.Be X Do = Have: BE who you are, work harder on yourself than your business then DO the work necessary to HAVE the best things in life
10.Great team – Surround yourself with great or the best people, you have to be a great leader.
11.Leverage – Divide + Multiply, get more with less.. Aim to do the work ONCE and get paid FOREVER!!!
12.Acquisition Cost – How much it costs to buy a customer? Figure out ways to acquire customers for the lowest value.
13.Lifetime Value – Once acquired you want to keep a customer for life. If they keep coming back they constantly add value with no more acquisition costs.
5 way formula to increase profit = leads X conversions = no. Customers X no transactions X avg. Sale = revenue X margin = profit
14.LEADS – Find ways to obtain more leads
15.CONVERSIONS – Look at ways to increase your conversions
16.NO. OF TRANSACTIONS – Repeat business will increase the number of transactions
17.Average Sale – Increase your prices
18.Margin – Increase margins by not discounting
19.Rule of 10 x 10 = Have 10 different strategies for each step of the sales plan
20.Target market (10/10 importance) – Most important part to marketing campaign
Who? Is my target market segment?
Where? Will I find them in the highest concentration?
21.Offer (5/10 importance) – Half as important as target market
What? Do they want to buy?
Why? Do they want to buy it? (What is their motivation?)
22.Copy (1/10 importance)
How? Will I communicate it to them?
23.Relationships – Business IS relationships, repeat business = profit
Referrals – Thank them when they refer customers to you.
Alliances – Can provide mass referrals.
Host Beneficiaries – Businesses with same target market however offer different products or services.
24.Websites – You need to have a good website that promotes your products and services effectively and you need to have an effective search engine marketing strategy so that it can be found.
25.Facebook – Create online communities who can promote and invite their communities to your products and services
26.YouTube/Other – Viral marketing, video testimonials, show case your products and services in action.
27.Get a business coach immediately! If you work out how much more business their expertise will bring it won’t be long before the product/service pays for itself and it becomes FREE?
28.Massive action NOW!!! Always under promise and over deliver.