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The Profit Coach

Phone: +61 439 625 385

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24.01.2022 Weekly Wrap: Why You Need To Track Weekly Numbers During the week I caught up with a client of mine that runs an IT services business. He felt that things had picked up because he was so busy, but when he reviewed his team’s billable hours it showed an entirely different story. It was just a simple but powerful example of the importance of tracking activity numbers each week instead of relying on your gut feel or waiting until you get your financials at the end of the month.... This will give you a much more accurate and real-time idea of what is actually happening in your business so that you can make better decisions. Have a think about which numbers you should be tracking and let me know if you need a hand working out the right numbers for your business.

24.01.2022 Weekly Wrap: All Leaders Are Readers This week's learning relates to a conversation that I had in my group client call on Tuesday. I can see different clients having varying levels of success implementing my business-building model and tools. It was a reminder that much of our success in business comes from a positive mindset, but this can be developed if you first decide to prioritise your own self-education. Once you start the journey of educating yourself on business then... the rest becomes so much easier. (Here is the link to the recommended reading list that I mention in the video: https://businesscoaching.chan-naylor.com.au/recommended-re/)

23.01.2022 Weekly Wrap: The Objective Beauty of KPI’s Another example of the power of knowing your numbers... I helped Lorenzo from Leggero set some KPI’s for his business... a few months ago. Today I caught up with him and he shared how much this is helping him to better manage his business but also how it is making it so much easier to manage his team. #smallbusiness #KPI #profit #businesscoach

23.01.2022 Weekly Wrap: Focus and Knowing Where to Spend Your Time Here are a couple of conversations that I've had with clients and businesses during the week that highlight examples of what can get done when you focus your time on the right things. #timemanagement #focus #businesscoaching

22.01.2022 Weekly Wrap: 3 Strategies = $135,000 Profit Increase During the week I reviewed the full-year financial results of a client of mine - he manufactures and installs kitchens - and I compared the results to his previous year. We were super pleased to see that his gross profit margin (the profit that he makes on his jobs before general business overheads) grew from 27% of revenue to 36% of revenue. This alone equated to an increase in his bottom line net profit of $135,000!... We did other things to improve his profis, like strategies to grow sales, but this video shares 3 specific strategies that we used to improve his gross profit margin. It's a great example of how small improvements in the right areas, implemented effecively in conjuction with your team, can have a massive impact on your results.

22.01.2022 Succession Planning is not just for family businesses - it is something that all businesses should undertake. It will really help you to create a more successfu...l, profitable and valuable business. Have a look at these 5 tips to successfully plan for succession in your business. https://bizcoach.chan-naylor.com.au//5-tips-for-successfu/ #successionplanning #businessfreedom #smallbusiness #businesscoach

21.01.2022 Tuesday Tip: Defining Your Points of Difference This week's video tip is a simple process to follow to help you to define what your 3 points of difference are compared to your competitors while understanding what the market values. When defining your 3 points of difference, other businesses may have 1 or 2 of your points but ideally no-one else should have all 3 of your points. Once you are clear on these then you need to use these points in all of your marketing and communic...ation with your prospects and the wider market. https://youtu.be/m-460ZtT-ZI

21.01.2022 So amazing to have the CEO of #BHP, plus the CEO and the Chairman of the Business Council of Australia all speaking at the Strong Australia event today in #penrith. #businessinsights #businesslunch #penrithvalleychamberofcommerce #westernsydney

20.01.2022 Weekly Wrap: The Profit is in The Price This lesson came from some recent work I have been doing with a bookkeeping client of mine. Like a lot of businesses, they were super busy but not making the money that they should have been. Once we did the research and analysis, they realised that they were undercharging their clients and they should have been charging double for the work that they had been doing! We now have a plan to increase prices over the next 6 months.... This is a reminder for everyone in business not to undervalue yourself and your services. Charge appropriately and properly otherwise you will never make the money that you deserve for the risk and sacrifices that you take running your business.

19.01.2022 #MyNumber1ForTheWeek Here is a simple accountability tool that we use with our clients to help keep them on track each week.

19.01.2022 Fantastic to get a few of our #penrith business friends together today for a #networking lunch. Plenty of connections being made and strengthened .

18.01.2022 SWOT Analysis (Strengths, Weaknesses, Opportunities and Threats) is a fundamental tool that many business coaches and consultants use to help understand a business and to develop business strategies. However, it can be strengthened by incorporating PESTEL Analysis. This is a video recording of the business tip that I shared in today's Weekly Growth Session - a weekly client meeting where I share a business tip in addition to providing my clients with an opportunity to ask for... assistance and share ideas as they continue to grow and improve their businesses. https://youtu.be/-hVx0M47FCg

17.01.2022 Amazing to catch up with a Sydney client of mine while we are both holidaying in Japan! #chancemeeting #beersandsake #clientfun

16.01.2022 All set for our webinar on Understanding Your Competitors #competitors #knowyourcompetition

11.01.2022 Weekly Wrap: Standing Out From The Crowd During the week a landscaping client of mine shared a win with me. It was all to do with a new professionally designed sales pack that they just put together and that they used for the first time during the week. And it resulted in an immediate job, with the customer sending them a text that said "Thanks so much for dropping the quote around. Very impressed with the pack and taking the time to drop it around yourself! It definitely di...fferentiates you from others!" (see comments below for photos of their sales pack). So, the lesson this week is the importance of investing in proper branding and design. It will really provide that WOW factor and help you to stand out from the crowd. It shows that you are professional and it gives the customer an assurance that you are a quality provider and will do a first-rate job. So, have a think about whether your branding and design needs a revamp. I work with a couple of designers, so let me know if you would like their details and I am happy to put you in touch. Have an excellent weekend in the meantime.

11.01.2022 Monday Mojo: Planning For Profit One key aim that I have when working with my clients is to help them to build a more profitable business and for them to take home more personally. I understand that life is not all about money, but increasing your profits gives you more choices. This could be to hire more staff so that you can free up your time, give back to the community or to give greater rewards to your staff for all of their hard work.... One of the things that you need to do to help your business be more profitable is to PLAN. It's all about creating a "business by design" rather than a "business by default". Get clear on where you want to go and how to get there. One way that I help my clients to regularly review and update their plan is at my regular Quarterly Growth Days. I have one coming up in just a couple of weeks on 11th June. It's an online event where you will learn from others, learn new tools and strategies to grow your business and you will leave the event with a written plan for your next 12 months. Click on the link below for all of the details and to register. https://qgd-11-jun-2020.eventbrite.com.au

10.01.2022 A well-deserved post-run brunch with my main man @thorscafe #fathersontime #penrithbrunch #nepeanriverrun

09.01.2022 Weekly Wrap: It's Time to Reset and Plan For Growth This week has been all about helping my clients to review their 3 year and 12 month goals and put a plan in place for the next 3 months. It's something that I do with them at the end of each quarter. And it was refreshing to see that everyone wants to put the last 3-4 months behind them and plan for growth. Some are updating their websites and marketing, recruiting more staff, improving the documentation of their systems and... processes, or introducing technology to streamline their business and reduce the time they need to spend in the business. If you hold back and don't plan for growth or continue to make the improvements needed in your business, then you are at risk of being left behind as the economy continues to improve and new opportunities appear. So, take the time to get your goals and plan down on paper, and let me know if you need a hand to work out where to start and the areas that you need to prioritise and focus on to grow your business.

08.01.2022 Weekly Wrap: Achieving a 50% Price Increase During the week I caught up with a client of mine that runs a high-rise window cleaning business. We have been working on a variety of strategies to improve profitability but one of the key ones has been improving pricing. In addition to increasing the price for new quotes, they have also gone back and reviewed the pricing and profitability for all of their regular customers and sites. This showed that quite a few sites were underpr...iced and durng the week they shared a big win where they were able to increase the price on a major site by 50% (with more sites to come)! There were a few factors why, but a key one was really understanding their numbers and the profitability of each job, which gave them the confidence to ask their customer for an increase and being able to explain exactly why.

07.01.2022 Ok, there could be worse ways to get some final work done before the weekend starts. #haveagreatweekend #familytime

06.01.2022 Oh, I’ve missed this! It’s been over 18 months since I last held one of my Penrith networking lunches. The max booking of 30 filled up very quickly too - it jus...t shows that people are eager to connect after COVID. And the number 1 comment by everyone was... When is the next one? #networking #relationships #penrithbusiness See more

06.01.2022 Weekly Wrap: Niching and Going Global! This just happened to me over the last week and it is a fantastic example of the power of "niching". It is also a good re...minder of the importance of becoming known for specialising instead of trying to be all things to all people. #niche #goingglobal #businesssuccess #businesscoaching

05.01.2022 Fantastic to catch up with the Chan & Naylor Property & Business Tax Accountants team on Thursday night. Looking forward to working with them all more closely over the coming months.

05.01.2022 Tuesday Tip: A Tool To Help You To Build Better Relationships Do you want to learn how to build better relationships with your customers, your prospects and your team? Over the last couple of weeks I have been talking DISC with many of my clients. No, they weren't conversations about back problems!... DISC is a behavioural profiling tool that I use with clients which helps you to better understand yourself and better understand others. It involves a quick online questionnaire which produces a report to give you these insights. Most of what we do in life and in business involves working with people, and using tools like DISC will really help you to build better relationships and build a better team to help you to achieve more. I use it with my clients for 3 key reasons: 1) team building, 2) recruitment, 3) sales. Watch this quick video to learn more about this fantastic tool, and let me know if you would like to see a sample report. https://businesscoaching.chan-naylor.com.au/disc/

03.01.2022 Penrith Valley Chamber of Commerce baton change. Farewelling the retiring board members and welcoming the newly elected board. Looking forward to another year o...n the board, working with a fantastic team to create opportunities for local Penrith businesses to learn, connect and grow. #smallbusiness #penrith #community See more

01.01.2022 Weekly Wrap: Achieve More and Be Happier by having a Life List It's not all about business, business, business. Sure, we want to help our customers and add value to their businesses and lives, but let's face it, most of us are in business because we have personal goals that we want to achieve. And that's why it's so important to spend time thinking about all of the things that you would love to do and love to achieve personally. It helps to make the hard work of business all ...make more sense. And you don't need to have grand visions for your business or your life. Just start with a Life List or Bucket List. Have a think about different categories that are important to you... for example, travel, new experiences, sporting events, people you want to meet, skills you want to learn, community involvement and giving back, etc, and then start making a list. I covered this with my clients in this week's group coaching call and a few interesting things emerged from that conversation. Have a look at the video to learn more, and be sure to make a start on that list...! #theprofitcoach #personalgoals #bucketlist

01.01.2022 [Event link] http://ninepillars.com.au/quarterly-growth-day/ My Number 1 for the week is all about Focus and the 4 F’s, and it came about through a series of workshops that I’ve just run for a client of ours. These workshops highlighted that the business lacked focus and was just trying to do too much - trying to sell too many products to too many customers, and not doing anything well enough. The numbers supported this, with around 80% of sales and profits coming from just 2...0% of customers. So, what they have decided to do is cut back on the range of products, cut back on the customers that they are actively managing and spending more time on the profitable opportunities. Sounds simple but it’s amazing how easy it is to get distracted by the fluff. Plus, it can be difficult to stop doing things that you’ve been doing for so long, or saying no to people or opportunities that sound great. So, in our upcoming Quarterly Growth Day event, we are going to show you a methodology and framework to help you to review what you’re doing, understand what’s really making you money, focus your energy on that and stop wasting time on everything else. Just click on the link for more info about the event and we hope to see you there... http://ninepillars.com.au/quarterly-growth-day/

01.01.2022 Merry Christmas and Positive Predictions for the New Year. Here’s a quick Christmas message and a link below to an article from Peter Switzer which I thought w...as worth sharing. Merry Xmas all and enjoy a well-deserved break! https://switzer.com.au//boom-on-its-way-and-interest-rate/ #merrychristmas #2021outlook #smallbusiness #businesscoaching