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The 5 P’s of Business Success

We may have all heard the adage, the 5 Ps of Success – Proper – Planning – Prevents – Poor – Performance. But is this unique take on best business practice, these 5 areas a critical.

In this great FREE checklist, you will learn my Top 5 secrets to improve your bottom line, leverage your time and create a business that works for you, instead of one that controls you.

Planning

Most people don’t set out in business to fail. In fact, most are well prepared and spend a lot of time and money making sure they are well equipped with the tools they need, relevant to their operations before they set out their ‘open for business’ sign, so to speak. Website and social media development and other advertising. Most small business owners don’t plan to fail, they simply fail to plan, for long term growth, regular improvement, cash flow issues and eventually succession, and retirement. These issues should be on all small business owner’s radar if they are to be successful long term. Engaging with experts and having trusted advisors such as an accountant to help you navigate these issues can be priceless in the long term.

Promotion

Regularly evaluate your advertising and promotional material. Is it working for you? How do your clients find you? Test and measure the performance of your advertising dollar, by asking each new client for feedback and surveys from existing clients about how visible you are, especially on the internet. Engage the skills of a marketing professional. They usually are more aware of what does and doesn’t work in this age of social media and the internet. Get them to help you create a marketing plan and a budget. The old days of flyers in letterboxes rarely work and we need to be up to date and educated on what and how to market our business effectively, without wasting a whole lot of money on bad ideas.

People

Are your best asset. So treat them that way. The only way you will be able to scale and grow your business, is by employing and engaging with the right people. These people are staff, suppliers and also mentors and coaches.

Profit

Evaluate Your financial position weekly or at least monthly. Monitor your debtors, creditors, cash in bank, work in progress, stock holdings and staff productivity. Meet with your accountant monthly or at least quarterly to discuss your profit and loss statement and balance sheet and evaluate where you stand with budget vs actual figures. You will feel more at ease and in control of your business if you are able to see these figures and make changes where necessary to prevent any ‘surprises’, such as large bills from suppliers or the ATO.

Professionalism

Your image (don’t be boring!) Your personal image (grooming) and business image (office or premises, website, logo etc.) How do your customers see you? Do you go to the hairdresser regularly and a retail store for clothing to improve your appearance? You should also do the same for your business image. It shouldn’t cost a lot to make your office or showroom or workshop waiting area look neat and tidy. Pictures on the walls, artificial flowers, paint a tired wall, aromatic diffusers, clean floors, all give the feeling of being welcoming and clean when customers come in. Position your business for success. Get connected to a network, find a mentor and get the right advisors (accountant, lawyer, financial planner, mortgage broker, insurance broker, real estate agent). Don’t think you can do it all on your own. Regularly educate yourself in your industry with training and development courses and seminars, even webinars and internet or email reading to keep up to date and knowledgeable in your field. Seek out wisdom in these areas.

The 5 P’s of Business Success
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