When launching a new business strategy, Warren Coughlin says the following is something one must keep in mind. Business comes from two broad categories: repeat customers and new customers. Both types will require a different acquisition strategy, as they will have very different needs and expectations. Combining the strategies for the repeat and new customers creates the Y of “Y You Profit”.
This past Tuesday marked the third Entrepreneur Series at the Spoke Club. Each month we invite serial entrepreneurs to join us for an intimate discussion, and to offer up advice on launching and running a successful company.
This month’s entrepreneur was Warren Coughlin, a business coach, consultant, trainer and facilitator. He works with ethical entrepreneurs and mission driven organizations to strategically build businesses that matter: those that make a lot of money while helping make the world a better place.
Throughout the evening Warren outlined key drivers for profitability and holding the right mindset for success. Here is a little bit of what he had to say:
- Focus On Profit: When trying to grow your business, focus on profits. A lot of people get excited about big sales numbers. But there are lots of businesses that have seen big sales growth with declining profits. It’s the bottom line that counts.
- 10 & Then: Coughlin suggests developing a marketing strategy, which includes 10 or more marketing tactics to diversify your efforts. The rationale is that if 3 initiatives fail, you will still have 7 that are effective. However, it is also recommended that if you are a new business, do not attempt to execute all 10 tactics at once. You will just end up overwhelming yourself. Build slowly and measure.
- 7 Ps of Profit: To achieve profit success the following Ps need to be addressed: A product mix that’s appropriate for you customers’ needs, promotional/marketing efforts, established business processes, people to run said processes, some strategic planning and the entrepreneur’s personal growth. To round it out, these factors must also be supported by the final P, your principles. This will lead to more satisfaction in your life.
- Entrepreneur’s Quality of Life: As an entrepreneur, you deserve to live a high quality of life. To do so requires you to intentionally live what he calls a “Top Right Life”, one in which you are both satisfied with your results and engaged in your activities. Living Top Right will allow you to experience personal fulfillment driven by a sense of purpose, ownership, accountability and responsibility. An example of such an entrepreneur is Richard Branson, who is highly engaged with his work and seems to always be having fun in life.
Ultimately, all of this means you have to be intentional about your business and your life. Give up excuses and reasons and focus only on what will produce the results you want. When you do, you realize both the business and the life of your dreams.
Photo Credit: Aida da Silva