Colin Hall: 5PConsulting in Darwin, Northern Territory | Business service

Colin Hall: 5PConsulting

Locality: Darwin, Northern Territory

Phone: +61 422 916 212

Address: 49/12 Charlton Court Woolner 0800 Darwin, NT, Australia

Website: http://www.5pconsulting.com.au

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25.01.2022 DOES YOUR PLANNING PROCESS LOOK LIKE THIS? Because it should do. Planning should be a creative process, not a clinical one.

24.01.2022 HOW THESE FOUR RUSSIAN BROTHERS CAN HELP YOU BUILD A BETTER BUSINESS You'll be hard pressed to find four brothers as helpful as these. Despite their odd appearances they are all very smart fellows who can stop you from rushing into new things before properly considering how to fit them into your already busy life. Their names are:... Morov: What are you going to do more of in the year ahead? Lessov: What are you going to do less of in the year ahead? Ridov: What are you going to get rid of in the year ahead? Tossin: What new things are you going to toss into the mix for the year ahead? Ridov is the smartest. He knows that if you want your business to grow, you will need to stop doing some things so you can find the time to properly implement new things. Tossin is the innovative one. He’s an optimist and always full of ideas that could keep your business at the cutting edge. Morov and Lessov are there to make sure you don’t go stale. You won’t have any groundhog years if you listen to them. Invite the Four Russian Brothers to your next planning session. They'll make sure you consider these four game-changing questions: 1 What should you be doing more of? 2 What should you be doing less of? 3 What should you stop doing? and 4 What should you start doing?

21.01.2022 If you don't plan your business, the government, your competitors or someone else will do it for you.

20.01.2022 HOW TO REDESIGN YOUR BUSINESS AND WHY YOU SHOULD START FROM THE OUTSIDE - IN. When you’re looking at improving your business the best place to start is to consider how everything fits together. There are lots of ways to do this and the business model canvas is one good way of summarising this onto a page. Having modeled your business NOW, you can then remodel an improved version for WHERE you would like it to be in the future before working out HOW you can get there.... Needless to say, if you follow this Now-Where-How process you will have a plan and be well ahead of about 90% of other small businesses. One of the great things about the BMC is that if you start from the right and move towards the left you can model your business from the outside-in, rather than from the inside-out. This means you start with the questions around Who are my customers, how do I interact with them and how can I help them? rather than What are my skills, what equipment do I need and how can I use it? Working from the outsidein is a much more strategic approach and is likely to result in a business that it is built to last. If you focus too much on yourself and your own skills you are likely to end up with something that’s not a business but a job. This means you’ll be working for your business rather than your business working for you. The BMC is a simple way of helping you visualise how everything should fit together but I have found people can over complicate it and lose track of what they are trying to achieve. It’s worth remembering that the BMC really only asks you to think about the nine questions in the picture below. Note how your value proposition is at the centre of the model. Stick to these basics and you shouldn’t go wrong. You could also watch this seven minute video by Alexander Osterwalder who developed the tool. It explains it quite well. https://youtu.be/RpFiL-1TVLw

17.01.2022 DO YOU HAVE 20:20 VISION? These businesses do. They may be operating in different sectors in different parts of the country but they’ve got a lot in common. They’ve each invested time in developing a clear vision of where they want to be in December 2020. They know who their target customers are, how to connect with them and how to excite them with their products and services. They’ve thought about their people and processes, their profit and cashflow and what success will look like for them in 2020. They’ve also worked out how they’re going to make it happen. They have 20:20 vision. Do you?

17.01.2022 43 WAYS TO IMPROVE YOUR PROFIT IS A LOT OF OPPORTUNITY BUT WHERE DO YOU START? A good way is to prioritise using the 80/20 rule ask yourself which 20% of these opportunities would give you 80% of the benefits. This will give you a list of about eight and you could then start with the 3 or 4 that are most easy to implement. Here’s how I prioritised based on the most impactful solutions to most client needs when I first meet them. The numbers represent the opportunity number ...in the article: (1) Develop your business plan so you know where you are going and what your goals are (2) Identify key success factors (what must you excel at?) (9) Segment profitability by product/service (20% of them will give you 80% of your profit) (10) Develop a costing system so you can monitor profitability & make great decisions (11) Understand what your customers value to help you build your competitive advantage (31) Learn what’s frustrating your staff then remove these frustrations, waste and inefficiency (31) Make sure your team knows what you expect so that they will do what you want (40) Invest in your people. It will repay you in spades and they will love you for it Every business is different. Which opportunities would give you 80% Bang for 20% of your Buck/time/effort?/effort?

15.01.2022 3 SIMPLE QUESTIONS THAT SHOULD UNDERPIN EVERY BUSINESS PLAN 1 Where are you NOW 2 WHERE do you want to be? And 3 HOW will you get there?... Start with the first and work through to the third. Understanding where you are now helps you evaluate what’s working and what’s not. It helps you evaluate what you’re doing, what you should be doing and even what you should stop doing. Your answers to this question can tempt you to rush straight into fix it mode, but this is a mistake and a lot of people make it. This is because if you fix something just because its not working as well as it should, you’re not fixing it for the right reason. It makes much more sense to understand where you want your business to be before you implement any improvements. That way you’re much more likely to be fixing the right things, and you’ll definitely be heading in the right direction. That’s why your second question should be Where do I want to be? The clearer you can answer this, the better you’ve defined what your success looks like. Once you know where you want to be you can then ask How will I get there. You will definitely have a whole bunch of stuff you can implement but once you know where you’re going you’ll be able to prioritise which things are the most important. Implementation is usually much hard than planning so don’t waste your time trying to fix the less important stuff. Make sure you develop your plan around these three questions: Where am I now? Where do I want to be? and How will I get there?

11.01.2022 YOUR CUSTOMERS OFTEN CAN’T TELL IF YOU’RE ANY GOOD AT THE THINGS YOU DO. We’re all experts at something and there's no substitute for quality work but many of our customers don’t have the skills or expertise to assess our technical competence so how can we help them choose us? Zig Zaggler, who has had a major influence on identification and development of sales competencies, has famously said If people like you they'll listen to you, but if they trust you they'll do business... with you. Most of us don’t have the time to explain the intricacies of what we do and how we do it and for the most part, our customers aren't interested - they just want the job done. What we do have however is the ability to build trust through the little things that we do every day. These things can be as simple as remembering their names, dressing appropriately and being polite. There are of course bigger things that reflect our habits and behaviours which in turn engender trust in our clients. This article explains how you can evaluate your own trustworthiness and identify opportunities to boost it even further. Have a read while remembering another Zig Zaggler quote: You can get everything in life you want if you will just help enough other people get what they want. If people like you, they’ll listen to you, but if they trust you, they’ll do business with you. Zig Ziglar Trust is the glue that holds your business together and without it you could find yourself without customers, suppliers and staff. It’s hard to dispute that trustworthiness is a...

07.01.2022 HOW TO CHOOSE THE RIGHT BUSINESS ADVISOR OR COACH FOR YOU AND YOUR BUSINESS Most business advisory and coaching services are unregulated and there are hundreds of people available to offer you advice. How do you choose the best for you and how much should you be prepared to pay? If you get the answer wrong you could waste valuable time and money. In a worst case scenario you could damage or even lose your business. If you haven’t worked with a business advisor or coach before...Continue reading

03.01.2022 HEALTHY BUSINESSES ARE RUN BY HEALTHY PEOPLE People sometimes lose sight of key aspects of their lives and it's not unusual to put too much effort into one or two aspects to the detriment of others. A common example is placing financial success as the ultimate personal performance measure. However, there are other facets of life that are equally important and if the're not in balance you may be heading for trouble. For example, someone might make a lot of money, but have no f...amily life, another person might have a great social life but poor health etc. In the diagram below, the rear wheel of the bike represents a number of areas you might consider when evaluating whether your personal life is in balance. Print a copy and score yourself out of ten on each segment/spoke and shade each segment accordingly with nil at the hub and ten on the rim. The size of the wheel is not as important as its roundness. Ask yourself if the wheel would go round. If not, which areas of your life do you need to adjust to achieve greater balance? No alt text provided for this image The front wheel represents similar aspects of a healthy business. You may have a great service/product, but if you can’t market well, you will have a poor income. If you don’t have a plan and strategy you won’t know where you're going. Use the front wheel to score your business. Would this wheel go round? If not, what needs to be fixed? Healthy businesses are managed by healthy people. The final analogy in the bike of life is to ask what would happen if you dented one of the wheels or got a puncture. A problem with the back wheel (your personal life) could stop the whole bike moving forward and a poorly balanced business wheel could stop your personal life from going in the right direction. If your wheels aren’t round you may need to consider making some changes: To get the maximum benefits from your 'Bike of Life' - the right direction, the right speed, the right distance, you need to balance your business and personal wheels. Has your bike got traction or is it just wobbling along?

02.01.2022 COVID: MOST BUSINESS OWNERS REALLY DO HAVE A CHOICE ABOUT HOW WE COME OUT THE OTHER SIDE. I wrote this back in 2016 but its just as relevant today.

02.01.2022 HOW TO FIX THE MOST COMMON PROBLEM THAT STOPS MANY GOOD BUSINESSES FROM MAKING GOOD MONEY. Being in business shouldn’t be rocket science. Think of it like this - you really only have to do three things, but you need to do each of them well: 1 Provide a great product or service...Continue reading

01.01.2022 CONFRONTING BUT TRUE Click here to learn what what some proactive businesses are doing about it

01.01.2022 It's so much easier when you have a plan.