Tag Archives: business coaching

7-Steps Retail | Service Framework

8 Apr

Running a retail or a service business sometime can be really frustrated if you do not have a plan or system on what to do.

In this post, I’m going to share with you a #simple, #easy_to_do framework that you can reference on.

Retail Framework.001

(click on the image to download the cheat sheet)

Framework breakdown:

There are 3 phases in this framework: – Discovery, Development & Delivery

1. (discovery) – Value: First you need to uncover the true reason #why (passion??) you started the business? Your passion is going to carry you through the entire entrepreneurship journey.

In the same time, what are some of the core advantage of your business? What are you good at? How these going to add value to your customer?

2. (discovery) – Target: Speaking of the customer, do you know exactly WHO is yours preferred customer? WHAT do they look like (psychographics)? And WHERE do you find them?

And very important: NOT everyone will be your customer, so DO NOT market to everyone, find your niche and.

3. (development) – Offering: This is where your actual products or services come in, you need to design your Product Ladder (from low entry to a high value) and how do your segmentize your product offering.

*(A full online marketing course is available that explains in details on how to create a complete Product Ladder that sells). Click here to enrol.

4. (development) – Channel (Marketing): make sure to breakdown your marketing campaigns into two separate strategies. The first strategy is to acquire NEW LEADS, and the second strategy is to generate recurring revenue from your existing customers.

*(I shared 100 different types of marketing strategies in this online marketing course, click to enrol.)

Service Framework.002

(click on the image to download the cheat sheet)

5. (development) – Margin: Following is to work on your business margin & costing. Do you know how much is your business gross margin? What will be your Break-even point? Do you have a discount strategy when you’re giving away discount?

*(Shared your thought on the comment box below)

6. (delivery) – Sales: One of the most important business element is to convert your walk-in customer into a buying customer. Therefore, do your business have a sales process wheater it is B2C (retail) or B2B (service), you need to have a sales process in place.

7. (delivery) – Experience: One final element of this framework is to create the unparallel customer experience that you could possible offers. Create an engaging human experience between your frontline members and the customers, a smiling face always help.

Leave your comments below and we would like to hear from you.

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How to Building a Sustainable Business out from your ideas?

4 Mar

This is part 2 of the 2 part bonus videos I have created for my online Entrepreneurship Basic Course: https://www.udemy.com/course/1853390/

In this 4 mins video, I discussed 3 important business & revenue models that you need to get yourself prepared before you begin a business.

1) Product Stickiness
2) Recurring Revenue
3) Business Scalability

Enjoy the full video:

Small Fish 语录 2 ~ 把小鱼变大鱼 🐟

27 Feb

sf.001.jpeg

世上大部分的大公司企业,在开始创业时,都是从很小的规模开始。这些公司有的是在车库(苹果)、睡房(谷歌)、大学宿舍(面子书)等不同的地点,开始了它们的企业使命。

一门企业最艰难的时刻,就是在它开始的初期,因为连创办人本身都不知道,自己的创业点子和想法是否能被客户及市场接受?自己所创立的公司是否能够活得下去?他们所抱着的是,对自己理想的一份信念,坚持走自己的一条路,再辛苦、再困难也得走下去。

在同一个时刻,初创型的公司也会面对强大的压力,因为当你还是小规模的时候,你总是缺乏应有的资源来发展公司。论财力、人力等都不能比别人优势的时候,要如何才能够生存下去?

这时候的小公司就犹如一条小鱼,独自地在大水池中生存;而且大水池中总会有比你更大条的鱼。如何能够在这大环境中活下去,而不被大鱼(大公司)干掉?这就要考验创办人的能力了。

这里有三个富有小鱼精神的新思维让创业者们参考:

1)建立自己的差异化—不论你是在经营什么样的生意,你都必须打造出你与他人的差异化。你的差异化是什么?你到底和其他人有什么不一样?为什么客户一定要选择你,而不是其他人呢?

你可以在产品服务商打造你的差异化,但同时也可以往公司的营运、盈利模式与品牌定位等别的角度,来达成这差异化的要求。比如亚航,它就是用这方式来区别与其他航空公司的不同,而不是一直以便宜的机票为卖点。

亚航成功缩短每趟航班停留在机场的时间,让亚航旗下的飞机有更多的时间在飞行,服务更多的客户。同时,也在飞行的同时,不断地找机会销售更多的产品,控制好每一趟的固定成本,也同时增加它们的利润。

2)拥有伸缩度的灵活性— 身为产品的研发人,我们都会对我们自己的产品,有种爱不释手的迷恋,但问题是其他人是否对我们的产品也一样地着迷呢?

许多时候,愿意接受其他人的意见与批评,是让我们能更好的去反省我们内部的问题。在你眼里的完美产品,但是在消费者的眼中,很可能就会变得一文不值了。所以,创业者要有足够的灵活性去调整,改善自己的不足。

创业者可以打造所谓的实验性产品(Minimum Viable Product)去测试市场的反应后,再把产品完美化。也就是说,与其你花了一整年的时间去编写一个完美的手机程序(Apps),推出后你才发现原来没几个人会下载,倒不如只花一个月的时间去编写一个测试版,你的目的只是想了解你所假设会爆红的产品,是否真的会有人去下载?

证实这一点后,才投入更多的资源去把产品改善。创业者需要大胆创新、但也要小心求证。

3)合群合作的精神— 现在的经商环境都已步入共享经济模式,我们已不再处于单打独斗的年代了。企业要快速发展,是需要及愿意地与其他人合作。

如果你今天只是一条孤独的小鱼,你其实是很容易被其他的大鱼一口地吃掉。不过,当你已是一群小鱼中的一份子时,想要直接干掉你就可没那么容易了。当你有了其他小鱼(公司)与你配合,共享着更大块的盈利蛋糕时,你将会更快速与容易的成功。

寻求他们合作时,你应该考虑到什么资源是你有,而对方没有的?你是否有对方所没有的市场?通路?产品?技术或盈利模式?这样,你才能为双方带来更长远的合作共享价值。

从小鱼(小公司)成长成为大鱼(大公司)是个漫长的道路,有许多事情也左右你的成功之路,但以上的三点将会是三项基本的创业小鱼精神,你要谨记啊!

祝福你 !

 

 

How a father share 17 camels with his 3 sons? ~ Business Wisdom

14 Feb
camel
A father left 17 camels as an asset for his three sons.
 
When the father passed away, his sons opened up the will.
 
The will of the father stated that the eldest son should get half of 17 camels,
 
The middle son should be given 1/3rd of 17 camels,
 
Youngest son should be given 1/9th of the 17 Camels,
 
As it is not possible to divide 17 into half or 17 by 3 or 17 by 9, the sons started to fight with each other.
 
So, they decided to go to a wise man.
 
What did the wise man do?
 
——————————————————————————
 
 
 
 
 
 
The wise man, after giving this thought, brought one camel of his own and added the same to 17. That increased the total to 18 camels.
 
Now, he started reading the father’s will.
 
So he gave 9 camels
to the eldest son.
 
1/3rd of 18 = 6.
So he gave 6 camels
to the middle son.
 
1/9th of 18 = 2.
So he gave 2 camels
to the youngest son.
 
Now add this up:
9 + 6 + 2 = 17 &
This leaves 1 camel,
which the wise man took back.
 
#MORAL: The attitude of #Negotiation & #ProblemSolving is to find the 18th camel i.e. the #CommonGround. Once a person is able to find the common ground, the issue is resolved. It is difficult at times.
 
However, to reach a #solution, the first step is to believe that there is a solution. If we think that there is no solution, we won’t be able to reach any!
 
A very interesting management lesson
 
#SmallFish
#EntrepeneurMindset
#Leadership

Vlog 006: Bonus Video 1/2: Validate your Business Mindset before you begin your Business

10 Feb

This is part 1 of the 2 part bonus videos I have created for my online Entrepreneurship Basic Course

In this 4 mins video, I talk about 3 important business mindset you need to get yourself prepared before you begin a business.

#ingenuity #agility #collaborative

Beside the Entrepreneurship Basic course is available, check out the 4-Steps Marketing Formula to Triple Your Business Revenue Course.

You going to like all these materials.

Set the RIGHT Annual Sales Target in 5 minutes

27 Nov

Do you often hear #salespeople complain that their manager or company have no idea on how to set the RIGHT #SalesTarget for the team?

Or as a #entrepreneur#salesmanager yourself, you might also face such a problem, how do you set the RIGHT sales target for the company?

In this video, I’m going to share with you a simple margin strategy that you can learn in 5 minutes.

Download: http://bit.ly/2r6ZDI8

 

 

V004: Segmentize Your Customer into Class ABCD

13 Nov

Not everyone out there would love your products and services, therefore in order not to waste our marketing resources, we first need to identify clearly WHO are our actual Class A customers. In this video, you’re going to learn the customer segmentation of ABCD.

Do subscribe to my channel to receive more business ideas, tips and inspiration.

Facebook: http://bit.ly/SmallFishFB

Website: http://www.smallfish.com.my

Instagram: https://www.instagram.com/leikhong/

Twitter: @leikhong

WHY you should STOP Giving a discount to your customer?

7 Nov

Often enough customer will ask a discount from our business and because we want to secure the sales, we would just comply. But do you realise that every time you often a discount, it will cost your business heavily?

Watch this video until the end to understand WHY a discount will cause a huge negative impact on your business and why you should STOP doing it.

Also, if you know someone who offers too many discounts, do them (and me) a favour and send them a link to this video.
Do subscribe to my channel to receive more business ideas, tips and explanation.

#SmallFish
#ProfitMargin
#BreakevenPoint
#StopDiscounting

Is #Motivation a waste of time?

30 Oct
A little boy is resting under a tree, and he noticed there is a fruit on top of him. He stands up and wanted to reach the fruit, but the fruit is too high above. And he starts to jump, trying his best to reach the fruit but again the fruit is too high above.
 
An old man walked by and saw the little boy jumping around to reach the fruit, he then walks near to the little boy and tries to encourage him to reach his goal.
 
He said something like:
“Little boy tries harder you can do it.”
“Stay focus, Yes you can do it.”
“Never give up, I know you can do it.”
 
The old man keeps encouraging the little boy with all kind of motivation phases but did not offer to help or provide a method to guide the little boy. Needless to say, the little boy gave up trying after many failed attempts and turned to the old man and said: “Thanks for the encouragement but the fruit is really too high for me.”
 
Moral of the story:
Motivation is good, it helps people to stay on course and stay focus. But a motivation without some proper guidance is just a waste of time. Many time team members need guidance from their leader on how to do something. The old man could have guided the little boy to use a long stick (tools) to reach the fruit or guided him on how to climb a tree (skills), instead he just purely motivate him.
 
You may argue the little boy should have considered another method of reaching the fruit after a few unsuccessful attempts, but I would argue that should the little boy have known of any other methods his would have done so. Many times we need guidance and ideas from the leader we followed.
 
#YouWanttoFeelGood? or #YouWantResults?
#MotivationWithoutGuidanceIsaWasteOfTime
#StopSendingMeChickenSoupQuoteEveryMorning

Best Design App for the Non-Professional Graphic Designer – Canva.com

27 Oct

Canva.com is one of the most popular and easy to use graphic design app (software) for the non-professional graphic designer.

In this video, Coach Leik Hong is going to show you how you can use this app (software) to your advantages.

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