‘Prodigals and Projectors’ of Business

Long lasting readers will be aware of my hiatus from the blogosphere front. Having been overwhelmed with the laziness turbulence of my daily grind my blogging has suffered uncontrollably. Nonetheless I return with a concept which should provide food for thought.

The Prodigal nature of a new business owner is common, if not expectant at times. Therefore, it is imperative that strict rules and guidelines are set in place to ward them off. A useful one is to limit the amount of  time (doesn’t have to always be in the monetary sense) spent devising the next steps. Ah, the gem that is procrastination. This is something which I unfortunately know all too well. Through better management of your time you can be assured that you will free up some time (that you didn’t knew existed) to get other equally important jobs done. And thats just one example which springs to mind.

On the other hand, the Projector (in the Adam Smith sense) is all but out to project ill-concieved schemes to the public.  All around us we are rubbing shoulders with these agents. Be it our bank managers roping us in with a hefty interest laden loan or a supplier shifting you shoddy…well…supplies. This is where I believe the term ‘Business Acumen’ truly comes into fruition. This ability to make good judgement can save you a hell of a lot of your time and money. However, inevitably only through going through shit highly-prized-life-experience do you genuinely develop a feel for true business navigation in the real world.

How do I distinguish the signals from the noise you say? simply by keeping your wits about you and remaining focused.

Unfortunately, such is the nature of business to constantly be bombarded with ‘Prodigals and Projectors’. It is your job to keep them both in check.

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The Only Three Ways to Increase Your Revenue and Profit

Dear fellow readership,

I came across an interesting article lately which articulates the various means to increasing your business revenue and profit. I must admit this is a concept of business that has been playing on my mind for quite some time. How does one increase revenue/profit without making tough sacrifices?

1. Increase the number of customers you have.

This one is pure common sense. Surely more customers will bring in more revenue into the businesses balance sheets. Apparently, it costs a business 8 times as much to bring in a new customer than to retain a current customer.

Yes please! 12 O'clock driver!

Yes please! 12 O’clock driver!

2. Increase the Frequency in which customers purchase.

For this one a simple example is if a customer purchases from you once a week then try and get them to make it 2 or 3. Just by doing this, you will be increasing your revenue substantially. This in turn will make that particular customer become consistent in purchasing from you and hopefully a loyal customer down the line. This is imperative as usual customers are less sensitive to prices than new customers that haven’t purchased from you.

3. Increase the average transaction size.

Increasing the average transaction size basically means rather than a customer spending £75 have them spend £100. One method of achieving this is through the sale of a larger complimentary product. For example, if a customer purchases a new pair of shoes it would be ideal for that person to want to buy cleaners and polishers etc. And Bam! there you have it, an increase in revenue. Another strategy is to bundle products together. Possibly a top selling product with a not-flying-off-the-shelf product. This will accomplish several objectives. Namely, the customer will pay less than having to buy each item separately and secondly the said business will boost its revenue sales.

So there you have it. Three sure fire ways to quickly get your revenue/sales rolling!

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My reasoning upon taking this quest…

As I lay in bed typing this up on my day off work, my mind enters a deep thought wave into where I am in life and where I want to be. From the age of 15 business has always appealed to me. Either through watching television programmes such as The Apprentice or debating on future business prospects with a certain close friend. Business was always exciting. Till this day I find it difficult to put into words what it exactly is about business which instills in me so much passion. Is it the thrill of starting from nothing into something. Similarly as approaching that irresistibly looking girl. It all stems from a rooted desire of going after what you want in life and preserving until you get it. Funnily enough preserving won’t even consciously cross your mind if you are that fixated on it and want it that bad. Anyway, I digress. Back to the case in point.

It all started with a Iftar meal (what muslims call at the point of breaking ones fast during the holy month of Ramadan) I’d elegantly put together for a circle of friends at my home. One recipe I thought i’d take a stab at was a minty lemonade drink.

So crisp. so refreshing, so The Minty Lemonade

So crisp. so refreshing, so The Minty Lemonade

I could remember vividly staying up till dawn ensuring i’d had everything prepared before starting a shift at work that following morning. Alas, I pulled through. Sipping away at the dinner table I thought to myself I could sell this for a reasonable price. Et voila The Minty Lemonade was born. I must admit it wasn’t until a year later that I’d have the time and resource to follow that project through. Which is where I currently find myself at. Ripe and ready to be plucked. (noticed what I did there?)

Yes you could say I was up to my neck

Yes you could say I was up to my neck

All in all, I hope this experience will instil in me the competence to run a small profitable project and I’d argue most importantly the belief in striving to be ambitious for many years to come. Until next time, over and out.

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The Mighty leaf that is the mentha

Since this personal project of mine embodies the usage of mint leaves it is only fitting that I take a delve into this dynamic plant. The Oxford dictionary defines the word “mint” as:

Definition of mint

noun

  • an aromatic plant native to temperate regions of the Old World, several kinds of which are used as culinary herbs:plant mint in a large pot with drainage holes[count noun]:there are many other mints with distinct aromas

    • Genus Mentha, family Labiatae (or Lamiaceae; the mint family): several species and hybrids, in particular the widely cultivated common mint or spearmint (M. spicata) and peppermint (M. × piperita). The mint family, the members of which have distinctive two-lobed flowers and square stems, also includes the dead-nettles and many aromatic herbs
  • [mass noun] the flavour of mint, especially peppermint:a tasty mint and chocolate flavoured cone

This enigmatic plant has been used no doubt throughout history as a form of medicinal purposes as a treatment to stomach and chest pains. Moreover, it is also used in culinary, notably in Indian cuisine, but also in hot teas and of course can’t forget that cheeky mojito. And it is exactly that whereby I hope to utilise this mysterious plant. In the form of cold beverages.

Which leads me nicely onto its complimentary characteristics. Add it to lemons, peaches, raspberry’s, honey etc and the end product is a drink that could quench the thirstiest of thirsts.

Mint leaves.

Striking resemblance to the nicotine Khat drug but rest assured it isnt’!

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