Peter Jones – Entrepreneur

Another very successful businessman Peter Jones and has taken part now in a number of the BBC series “Dragons Den“. Mr Jones made his money in the telecoms industry and many will have also seen him on the BT business adverts for computer and IT support. Peter Jones has also gone on the judge the hit American TV series American Inventor which is a reality television series based on a search for America’s best inventor.

How have I achieved my success?, by Peter Jones.

Another inspirational video to watch if you are looking to go into business and want to make and grow a successful business!

A good video to watch if you are considering starting or buying a business or if you have a business and you are looking for some inspiration.

The BBC’s TV series Dragons Den has found and inspired many successful business owners and in this first video the focus is on Duncan Bannatyne – Success stories in business.

There are many of us that go to the gym to give our bodies a work-out, but how many of you give you mind a work-out too?

I would hazard a guess that not many people give their brain a physical work-out; there are those of you that have bought the “Nintendo Brain Tease“, which is said to help our brains and our memory. However, this is not many people that even do this and what I have in mind is to change your thinking to a positive mode of thinking, so here goes my idea for a brain work out:

1. Each day you wake up make sure you “Think in a positive way”. Begin your day with a big smile and take your mind off to a lovely place, a special place you would love to be. This could be a Caribbean Island or by your favourite lake, it does not matter, all that matters is that when you think about this place it makes you feel really good. You must get a warm feeling and even better that when you think about this place it brings a smile to your face. Spend a while (the amount of time is up to you, the longer the better though) thinking about this place and relish in the wonderful thoughts and feelings that this brings to you.
2. If during the day if you get a negative thought; stop what you are doing and “reframe that negative thought into something positive”. Imagine your special place again and “wash-out” that negative though with some positive feelings and energy. Replace the negative though with something positive, so if for example you thought “My business is failing” change this to, how can I make my business successful. The brain likes questions and normally wants to go in search of answers. Keep giving your brain questions in the positive and it will find the answers for you.

3. Spend at least once a day thinking about what it is you want to achieve that day and then spend a few minutes writing this down. As the day goes ahead, cross off the tasks you achieve and “Pat yourself on the back” metaphorically speaking and smile. I defy you to smile (and I mean a proper smile) and think negatively, it’s impossible. This is your “daily positive task list”.
4. At the beginning of each week think about what you would like to achieve over the forth-coming week. Spend a few minutes writing this down and then as the week goes by cross off the tasks. As before, pat yourself on the back for achieving each of your tasks. This is called your “weekly positive tasks list”. Also smile and be happy!
5. At the beginning of each month think positively about what you want to achieve over the next month and over the coming months. This can be to spend more time with your family, make more money (be specific on this one*), book a holiday, start to write that book you have always been meaning to write, call a friend you have not spoken to in a while etc. Take a few minutes to write these tasks down and then as the months progress cross the tasks off your list. Again as before, pat yourself on the back for achieving these long-term goals. This is your “longer-term positive task list”. Don’t forget to smile.
6. If you hear a news program come on the TV that is talking about negativity, switch the channel or turn the TV off.
7. Stop buying the newspaper and stop reading negative news. Buy some good positive thinking books there are loads out there. Or listen to some positive thinking tapes or CDs.
8. Remind yourself about the importance of how “We become what we think about most of the time”, in other words, if you constantly think in the positive and keep your mind in a “positive goal oriented mode” then that is exactly what will happen to you. Your mind and your imagination are much more powerful than you probably even realise and your imaginative subconscious will always win the day over your conscious logical mind! So spend time imagining wonderful things and life will be wonderful!

9. Either print this page and put it up in your bedroom so you can read it each morning as a reminder or visit this page every day until this becomes your routine. You need to be disciplined in this, it is all too easy to read this page and think yes that sounds great and to go away and forget. Put this page into your favourites or even better, add it as your default web page when you open up Windows Explorer or Firefox or what ever web browser you use.

Please try this for a few days, a few weeks or even a few months and come back and comment here to let me know how this is going…I look forward to your comments.

* When you write down a task about “Making more money” don’t just write “I want to make more money” as this is not specific enough for your brain. You need to say things like “This week I will aim to sign up xx new clients to my business” This is a specific task, which in itself does not mention money, but relates ultimately to money in your pocket and is a specific task that is achievable.

There is no doubt that the recession is hitting everyone and as a result there are not many businesses that have not been affected so far. This is the time for the “Survival of the Fittest” and if you want to survive the recession you need to take action.

Most businesses are stuck with the idea that the only way to increase profits is to increase prices and some think that the only other way is to increase their customer numbers. Both of these two actions will increase your business profits if they are done in the right way, however, they are by no means the only ways in which to grow your business. In fact I have listed that there are actually 7 Ways to Grow Your Business.

When I have spoken to most business owners they usually say “We can’t possibly increase our prices!” “We will lose our customers!”. So this is out of the question as a way to improve cash flow and business profitability. Also, in the present climate businesses might be finding it difficult to obtain banking finance or business loans to help with cash flow, not only because of the banks reluctance to lend, but also the rates are not that favourable right now, despite the lowest bank base rate the country has ever seen!

Some businesses are put into a ‘Catch-22′ situation whereby they feel they cannot increase their prices for fear of losing their clients and they lack the funds to pay for the advertising necessary to get more customers. In a recession though, it is even more important to continue to advertise your services and products. However, to increase your sales and your profits, advertising is not the only way to do this…more of that later. What all businesses must do and in particular in a recession, is to make sure the advertising they are doing is working.

Is your advertising working?

So what do I mean by this? What you can measure you can manage, so for example, if you take out an advert in your local news paper, you need to train your staff to ask when enquiries come in, where the enquirer got your company details from. If your new advert is not working (as confirmed from the data gathered from your incoming phone calls), this could mean one of two things; either that the advertising medium is the wrong one for your type of business; or that the advert copy needs to be changed. If however, you are not monitoring your telephone calls, how will you know whether your advertising spend is working or not?

Let me take this opportunity to tell you about three of the 7 Ways to Grow Your Business and to introduce you to Profit Increase Software. Profit Increase Software has been designed on the basis that there are seven ways to grow your business – these seven ways do include price increases and increased customers. However, what is worth noting here is that some of the 7 Ways to Grow Your Business do not have to cost the earth to do – three of these seven ways are:

1. Increase the number of customers of the type you want to have – This is quite an obvious statement and it is not rocket science. We all know that the more customers we serve the more money we make, subject to those customers being profitable customers. “Customers of the type you want to have” means that we don’t have to take on all customers, as no business wants to deal with troublesome people or people that cost more in time than in what they spend at your business.

Well let me explain to you that increasing client numbers is not always the only way to increase profitability and in a well thought out change you can actually achieve higher profits in your business with fewer clients.

2. Increase the prices charged on your products – not always a good thing to do and especially not good in the middle of a recession. We see so many companies and mostly retailers having to apply heavy discounts to their products just to stay alive. I am not therefore suggesting at this point that you should necessarily increase your prices, however, it is worth reading my article about how I tripled my prices and made my business more profitable.

3. Increase the number of times customers come back – A must for all businesses is to capitalise on your greatest asset – “Your existing customers!”. If you maintain a customer database you can use this database to your advantage, by writing to your customers on a regular basis to entice them back to buy from you. you can use this client contact to tell them about any special offers or new products or services you have. Most business owners forget about their existing customers and try to attract more and more new ones. Let me tell you it is many times more expensive to market to potential customers than it is to people that have already purchased from you and are already a customer, assuming that their experience with your business was a good one.

There are in fact, four other ways to grow your business and these can be discovered in the manual that accompanies the Profit Increase Software. This software is easy to use and it has been written using Microsoft Excel. You will therefore require Microsoft Excel to run the software, but you only need a very basic knowledge of Excel to work it.

This software has been designed so that you can quite quickly and easily discover what you can do to increase your business profits. As an example, this software was used in a meeting with a client who was adamant that he could not extract any more profits from his business, but after three hours of
pouring over figures, using this software and brain storming ideas – we added £50,000 to his bottom line! Well, the software helped us to target where the extra profit was, which led the client on to think about how to achieve that extra profit. To date this same client is still operating the idea and making the extra profit, so his pay-back is probably in the region of £350,000, as this exercise was done back in 2002!

What is even more impressive about this profit increase is that it cost the business absolutely nothing to implement the change (well it cost them my fees) and did not involve any costly advertising or marketing. The idea was sitting right under the client’s nose, it took using this software to find it and to force the thought process required to realise that there was a very simple and straight forward way to increase profits.

As another example, this system was once used for a bakery which was having cash flow problems and they had gone to the bank for a loan to alleviate the problem. However, before they went to the bank they approached their accountant – who had luckily just purchased this system. The company was asking for help in putting business plans and cash flow forecasts together. However, the accountant spent a few hours with the client pawing over figures from the business and utilising this program. Within a short space of time worked out that they could quite easily remove the cash flow problem without the aid of a bank loan.

When the accountant and their client first played with the figures on the worksheets, they were looking at additional profits of around £80,000. However, when they set to work, the actual profits in the first year were under this amount and somewhere around £50,000. But the company did not need a loan and the cash flow problem was solved and the client was more than happy with his accountant! The bank might not have been happy though!

So if you would like to buy the Profit Increase Software click this link and get to work on surviving the recession - their might well be some extra profits sitting right under your nose too. If however, you would like to purchase some of my time to help you in this process then email me at info@in-business.org. My consulting charges are not cheap, and start at £1,495, plus VAT for the day, but if you look at the results that can be achieved here, these soon pale into insignificance when those extra profits start to role in!

See also – Are there any businesses that are recession-proof?

and: What’s the price of a new customer?

and: Cash flow is king!

Every cloud has a silver lining; as does every downside have its upside.

During this down-turn there will be many people that are made redundant, but this does not have to be the end and could lead you to better things – much better things, as this video demonstrates…

Starting a business in a downturn from the BBC

In the last recession back in the 1990′s, thousands lost their jobs back then too. I hope that this video will give you inspiration.

Do you actually go on vacation when you go on vacation? Typically, I don’t.

This Thanksgiving week my husband and I went to Cabo San Lucas, Mexico. We frequently choose that holiday week for our vacation because I’m only gone for three business days. (Yeah, I know – pretty pathetic.) Of course, that doesn’t mean I don’t work.

Much to my husband’s chagrin, packed right along with the sunscreen and swimsuits, are piles of uncompleted work projects. In the past I’ve finished book manuscripts, written business plans, even reviewed financials as part of a due diligence process. But this trip was different.

First the resort didn’t have an Internet connection in the room. Panic attack! Then, my phone signal was extremely weak. Another panic attack. I had to face the facts: My constant communication connection had been unceremoniously cut.

Okay, I can deal with that, I thought. So I accepted my plight and decided to focus on projects that didn’t require communication with the outside world.

But guess what! I did nothing. Yep, absolutely nothing. Didn’t accomplish one darn thing the entire week. There was something freeing about being cut-off from the world. I wasn’t compelled to check emails all day long or return phone calls. Instead, I took leisurely walks on the beach, enjoyed lazy lunches at beachside cafes, read a couple of great books, watched a few movies and relaxed. And amazingly — I enjoyed it.

So my best vacation tip to my fellow small business workaholics, go on vacation and do nothing. RELAX.

Oh by the way, here’s a photo I snapped one morning on the beach. Enjoy.

Tell us your business success story – how did you make it in business? How did you make it a success – we want to know.

Success Stories
We have chosen a couple of success stories to start this off – two well known entrepreneurs Ducan Bannatyne and Sir Richard Branson.

Duncan Bannatyne

Bannatyne was raised in the town of Clydebank and from a relatively poor family. Bannatyne at the young age of 15 volunteered for a 12 year stint in the Royal Navy as a engineering mechanic or stoker. He served several years before receiving a dishonourable discharge for attempting to throw an officer off a boat landing jetty in Scotland.

In his biography he claims this was in part a dare, but also in reaction to this officer’s abuse of his authority. Bannatyne had become disillusioned and wanted out of the Navy anyway. Bannatyne was just 19 when this happened, after which he had to serve 9 months in the Colchester military detention centre before being discharged aged 20.

Bannatyne spent the most of his twenties moving from job to job and lived for a few years on the island of Jersey, which is where he met his first wife Gail.

At the age of 29 Bannatyne moved to Stockton-on-Tees with Gail when his business career started almost immediately when he purchased an ice cream van for just £450. Bannatyne expanded his business by buying more vans and eventually sold the business for £28,000 after founding a nursing home business Quality Care Homes.

Bannatyne sold his Quality Care Homes for £46 million in 1996 and children’s nursery chain Just Learning for £22 million. Since then Bannatyne has expanded into Health Clubs using the Bannatyne name to name the chain of clubs, bars, hotels and property.

After recently acquiring 26 Health Clubs from Hilton Hotels, Bannatyne’s is now the largest independent chain of Health Clubs in the United Kingdom!

Bannatyne’s current wealth has been estimated at around £310 million, as indicated in 2008 by the Sunday Times Rich List!

Sir Richard Branson

Branson had his first successful business venture at the age of 16 when he started a record business by purchasing crates of “cut-out” records from a record discounter. Branson sold the records out of the boot of his car to retail outlets in London and then continued to sell cut-outs through mail order business during 1970.

He traded at this early stage under the name “Virgin” (which was used because the records were sold in new condition) and he sold records for a lot less than the “High Street” outlets and in particular W. H. Smith.

Branson eventually started a record shop in Oxford Street in London and not long thereafter launched his record label Virgin Records. Branson earned enough money from his record store to buy a country estate where he installed a recording studio. Branson’s for his Virgin brand includes his well known airline and holiday company, credit cards, mobile phones with over 360 companies. Richard Branson is the presently the 236th richest person (according to Forbes’ 2008 list of billionaires). Branson is estimated to be worth approximately $7.9 billion USD (£4.4 Billion)