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Emma Wimhurst of EMpwr is a business success. Her company, Diva Cosmetics, achieved near £3m turnover, with fantastic profit margins, in its fourth year of trading. At that stage she decided to sell it and concentrate on motherhood. Now, three children and a happy work-life balance later, she is on a crusade to motivate other business people to achieve success. Here she explains how to take your nursery-based business to the next level.
You've achieved so much already. You've started a business, impressed your customers, established your brand and made a profit. So what's next? More staff? Bigger premises? Additional sites? Moving up to the next level is an exciting prospect and most definitely challenging but, in these uncertain economic times, is it really wise?
It's too easy to be distracted and feel stressed by doom-mongers and gloomy news reports. Yet times like this have the potential to be extremely positive for owners and managers in terms of reassessing business direction and continuing to trade successfully. Now is the time to focus on becoming service-efficient, cost-effective and high-value. Ignore it at your peril!
Take a good look at every aspect of your business and make changes where necessary. Now consider the implications of the recession on your plans for future growth. Make sure that when you look at expansion, you start by being absolutely clear on where you want your business to be. Concentrate on the bigger picture (your mid to long-term strategy), keep your business goals at the front of your mind and don't be tempted by opportunities, exciting though they may be, that threaten to take you in the wrong direction.
I have a fundamental belief that's so important I have based my EMpwr Seven Business Disciplines system on it. It is at the heart of every piece of business advice I offer. So what is it? It's planning - I know that if you plan for success, you will achieve it.
Strategic Planning
This is the first of my EMpwr Business Disciplines. It demands clear and focussed thinking but can be encompassed in just one paragraph. You need to identify what you want to achieve in business: new lines or additional suppliers, online trading, multi-outlets, or perhaps franchising? Once sorted, write them down and keep them at the front of your mind. Recalling them will ensure you make the right decisions and keep on track, as well as motivating your staff, suppliers and potential customers.
Business Planning
This is my second discipline because once you're sure of where you want to be you need to set about getting there. If you're going on a long journey, you always plan the route, don't you? Well, this is the same, you need a plan on how to get to your final destination, your success. A good business plan is an investment of your time and effort covering everything from money matters to marketing and more.
If you update it regularly, it will evolve as your business does. It should! It includes an industry and competitor overview: this allows you to remain aware of the trends within the nursery sector and those areas which may impact on your business (think birth rate, number of families in full-time employment and future trends) and to make sound decisions armed with that knowledge.
Marketing Planning
My third discipline dictates because if growth is viable you'll need to attract new customers and this shows you the best way. Who do you want to support your shop? Once that question is answered your message, and your tactics, will be evident. Take into account the location of potential customers, who influences them and, with knowledge of your competitors, make sure your message reflects your Strategic Plan. Analyse all aspects of marketing but remember the best method is the personal recommendation of existing customers - and it's free. Tell them about your plans. If you've cracked customer service, word will quickly spread and your shop will be full.
Practical Finance
On to the fourth discipline and the area that most business owners dread. Yes, finances can be mind-boggling but you really do need to be aware of cash flow and P&L, in fact, you need to understand the implications of every penny spent. If progressing to the next level is under consideration, make sure all your costs are maximised (that your staff are always busy), be aware of market trends and newly available products and then start targeted marketing. If your business plan still indicates expansion is viable, prepare a 12-month sales projection and make sure you understand every figure in it. All this planning and reviewing is so valuable and will demonstrate if your growth plans really will work.
People Management
My fifth discipline. I don't need to tell you about the cost of recruiting, training and developing your staff. Make certain your recruitment policy reflects your strategic plan - if your goal is to use only highly-qualified, experienced staff, then stick with it. It has become one of your selling points (as far as your customers are concerned) so don't compromise now. Your staff is an expensive resource, a valuable asset; they front your business and deliver your service so it's vital to maintain the standards you originally set out to achieve.
Customer Commitment
This is my sixth business discipline, and details how to make sure your customer care and service is better than everyone else's: perhaps it's delivery options, more flexible opening hours, web-based ordering system or loyalty schemes. If you focus on making your customers feel good they'll never have a reason to withdraw their support and will tell everyone they meet how great your customer service is.
Personal Growth
The seventh EMpwr Business Discipline says you need to remain positive, focused and motivated to lead and drive your business on. You need to address your own needs to give you greater confidence when dealing with business challenges. It's lonely at the top and tasks can be thankless but time for professional and personal growth is vital. If you're serious about growth, you need to delegate some day-to-day management tasks in order to focus on your business plan and the future - if you plan for success, you will achieve it. I know it's true because it's worked for me and it can work for you too.
So, is growing your business the right thing to do, right now? It all hinges on your business plan - you can see just how important it is to sort it out. You already work hard but now you need to work smarter and that's where I can help. My two-day workshops are especially for entrepreneurs like you and by using my Seven Business Disciplines as a framework; I can help you with planning and empower you to achieve the success you want.
Emma Wimhurst is a high-energy business mentor specialising in working with entrepreneurs, start-ups and SMEs. If you would like to talk to Emma about mentoring for your business or to book places on her EMpwr 2-day Entrepreneurs Workshop.
Call Emma on 07795 344666 or email Emma@EMPwr.co.uk.
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