08 Dec, 2009
Take control and banish bad business habits
Posted by: admin In: Small Business Coaching Articles
By Emma Wimhurst
Be honest, do you have bad habits? I don’t mean smoking or nail-biting – although in the current recession I wouldn’t blame you – but bad business habits. I’m talking about ignoring the state of your balance sheet or making commercial decisions without seeking an expert’s advice. Or perhaps throwing handfuls of cash at unplanned advertising campaigns?
The bad news is that cutting corners and relying on long-held bad habits almost certainly means that, apart from feeling jaded, you won’t ever achieve the business success you’d hoped for. The good news? Habits can be changed and, if you do, extraordinary things can happen to boost your entrepreneurial passion, business performance and profitability even in this economic downturn although there are whispers of optimism coming from the business community and even the British Chambers of Commerce has forecast a small growth of GDP in 2010. Its latest economic report is punctuated with warnings but there’s a terrifically loud call to government to nurture us entrepreneurs so we can play our vital role in the recovery.
If you’re struggling at the moment you’d be wise to take the time to analyse the way you do business. Done honestly, this process can help you restructure your business as long as you proactively make the changes it flags up and dump those awful habits.
Let’s talk business planning. You must refer to, and update regularly, your business plan. If you’re operating without one you’ll be pleased to know you’re not alone, far from it. According to a report called “Major Challenges Facing SMEs” chartered accountants Bentley Jennison state that many of the UK’s SMEs do not have a business plan, not even a draft. The reason? Business owners are too busy!
The report also says there’s evidence that many SMEs are not well managed so potential financial rewards and the desired work-life balance are not easily achievable. Some 99 percent of the UK’s 4.3 million businesses are SMEs so there must be quite a few dissatisfied entrepreneurs among that lot and you may be one of them. Lack of a business plan, proclaims this report, is a sign that an owner-manager lacks direction. Is that you?
If it is, it’s time to wake up and shake up, perhaps it’s your last chance. How can you possibly be successful if you haven’t considered, prepared and planned for it? I’m passionate about business and I truly believe that only if you plan for success will you achieve it. It was with that mindset that I established my business Diva Cosmetics.
Back in 2000, my vision was to develop own-brand cosmetics to sell into high street outlets. For prospective customers I focussed on big names like New Look, Claire’s Accessories, Mothercare, Monsoon Accessorize, BHS and George@Asda and secured each one. Within 12 months, Diva Cosmetics had notched up a £1m turnover. By year four and with a team of 12, that rose to almost £3m: it was all planned including my lucrative exit strategy.
Today as a business coach, motivational speaker and author, I believe others can achieve the same success but only by being disciplined in approach and implementing the same system I used: my 7Business Disciplines to control, grow and add impact to your business which include business planning, strategic planning, marketing management, practical finance, team building, customer commitment and personal development.
Each of the disciplines is important. Failing to address just one has the potential to rob you of the success you seek: you cannot afford to make ill-informed decisions or to ignore your strategic vision as I discovered when Diva Cosmetics was offered a fabulous opportunity. A well-known brand approached me to produce ranges of cosmetics under licence. My team put together ideas and my suppliers created samples. Only then did I manage to put my entrepreneurial excitement on hold because something was not quite right.
I referred back to my original strategic planning for Diva Cosmetics. My vision had been to be the number one preferred supplier of own label cosmetics … on the high street. Was my vision wrong? No, I don’t believe it was and in the end that was why I walked away from selling licensed products. I had to stay true to my vision.
I believe I owe my success to a set of good habits. I’m certain that if you use the same 7 Business Disciplines, make sure they become deeply ingrained in your management structure and your self-discipline, that you’ll reap the rewards that every passionate entrepreneur deserves: true success.
About Emma Wimhurst:
Emma Wimhurst is a sought-after Motivational Business Speaker and Business Turnaround Expert. She is a successful Entrepreneur, Broadcaster and regular contributor to UK Media.
She is author of BOOM! 7 Disciplines to CONTROL, GROW and ADD IMPACT to Your Business (Diva Publishing Ltd, November 2009).
Emma Wimhurst is joining The Coaching Academy as a Trainer on the Coaching for Small Business Course starting in January 2010 and Emma will be presenting The Master Class at Latimer House on Saturday 12 December 2009 – How to put a BOOM! into your Business……
Buy a signed copy of her book from: www.BOOMpreneur.co.uk/tca.html
