..especially #1 & #5...
I spent 12 years going to college / night-school and university to learn how to run a business. I have an HNC, DMS and an MBA - with distinction if you don't mind...
While the content of the courses was academically interesting and challenging; around 90% of the content was delivered by lecturers who had never actually been in business. Most of them had never had a job outside of academia and simply taught us theory after theory that had been selected from books...Since then, I have been the CEO of other peoples companies, built and run my own and now, as a Business Coach, have the privilege of supporting other like minded Entrepreneurs and Executives in their quest for achievement.
Along the way I have learned that the Rules of business are not what you think, in fact some of the rules are probably killing your sales and success...
Here are the 10 Rules of Business that you should be breaking...
1. People buy on Price...
No they don't; unless you let them. People buy on Value, Liking, Knowing and Trusting you and your team. I can hear some saying "ahhh, but my business is special and price is critical..." Unless you are running WalMart, Tesco or Asda it's not necessarily true...
2. Under Promise and Over Deliver...
Another myth - why would you do this. Simple rule in business, make a promise and keep it consistently. Remember that consistent, reliable excellence will beat occasional brilliance any day...
3. People are motivated by Money...
No they are not - it's just that people are so bad as a boss and leader they need to be paid a lot to put up with them. People respond to recognition, brightness of future, contribution; money satisfies not motivates...
4. Shareholders are the most important people in a Co...
To the Directors they may be as they are employed by them. The most important people in a Co are the CUSTOMERS; shareholders only derive value and returns when the customers do...
5. You need Porsche, Breitling & Gucci to be successful...
I was once told that to be good at sales, I needed a 911; rubbish. People buy people, the more "attractive" you are as a professional and the more value you can deliver, the more successful you will become...
6. Management know what they are doing...
People in suits are not always the experts that they pretend to be - look at Politicians, CEO's and Bankers. Use your instinct, reach out to the next generation and keep learning all the time if you want to stay ahead...
7. You need a Business Plan...
Only when you want money from the Bank; if you have a 50 page plan you won't read it anyway do so don't bother. Get a One Page Plan, build a Vision and Mission then get busy. A plan is only a best guess anyway, and 87% are wrong...
8. Can't start a business without money...
Yes you can - or at least you don't need your own money. Think of crowd funding, friends, family and investors. Remember that OPIUM may be the key - Other Peoples Investment Using Money...
9. 10% net Profit is good...
It is adequate - but don't be limited by these generalised goals. It depends what business you are in, but there is no reason why you can't lead the field in terms of net profitability in your sector...
10. Marketing is expensive...
It is when you don't know what you are doing. Marketing done right delivers a ROI; for every £ or $ you spend on Marketing you should get more back in Profit, if you aren't, then stop doing it, and do something else...
Break the Rules in order to achieve more...
David is one of the most experienced Coaches in the world. Following a successful career in Engineering, Logistics and Aviation Services as Manager, Director, CEO and Business Owner in the UK, David began his International Business Coaching Career in 2003.
Having
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A great reminder of the business basics. However, I am not sure about rule No. 2; Over delivery is a means of adding value to the business relationship. You don't have to do it every time but if there is an opportunity then I would do this and it shows that you genuinely want to help the other party.
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