Fundamental areas of improvement and skills in a business: Supplyant's approach | Nick Morton | Skillshare

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Fundamental areas of improvement and skills in a business: Supplyant's approach

teacher avatar Nick Morton

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Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Watch this class and thousands more

Get unlimited access to every class
Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Lessons in This Class

9 Lessons (15m)
    • 1. Introduction

      0:59
    • 2. 5 ways - a framework to your sales

      2:28
    • 3. Business planning: fundementals

      1:34
    • 4. Scheduling and prioziting your activities

      1:13
    • 5. Job descriptions & Delegation

      1:55
    • 6. Effective use of human resources

      1:36
    • 7. Assertion: behaving correctly at work

      2:09
    • 8. Importance of reports in a business

      1:51
    • 9. So now is your turn! + bloopers

      1:00
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About This Class

Welcome to the Supplyant Academy course on how to master your online business. Through 10 years of experience, we have found that these are the 7 most essential skills you will need to develop to find growth. Surprisingly, there are 0 lessons on digital skills!

This is because the areas most people go wrong is in basic business. We all know how lessons can be boring, which is why we have made this course quick and enjoyable. The concepts are simple and vital for any starting online business. So grab a coffee, sit down, and get committed to these 7 essential tips.

The 7 tips, skills or areas of improvement are the following: 

  • online marketing (5 ways)
  • business planning
  • scheduling
  • job description and delegation
  • leadership and management
  • assertiveness
  • reporting

Meet Your Teacher

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Nick Morton

Teacher

Nick has a background in advertising, setting up his own company at 21 to provide marketing support to business. A client opportunity led Nick into automotive marketing to establish a co-operative of over 90 retailers and 260 automotive brands, later establishing a sales and distribution business to move into direct retail and wholesale. He sold both companies when a larger automotive organisation made an approach.

His current role is as founder and Director of Supplyant, a company established to help businesses grow online. A team of 40 experts operating at board-level, lead, manage and implement proven systems and strategies to grow revenue and scale online sales and operations faster.

Clients size range from 1m-100m t/o. He works in B2C and B2B across service and goods ... See full profile

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Transcripts

1. Introduction: welcome to this class today. And thank you so much for joining us. It means a lot to us that you actually attending this class. I know how much time you have to spend in the business, and I understand that you often don't have time to take time out to talk about learning new things. But I hope it's really quick. Snapshot is gonna provide you with some real value. What we're gonna talk about today are the seven critical success factors that our team have used over the last 10 years to find growth. Quite simply, the 1st 1 is they don't need money. You need a commitment. That's the most important thing. The next thing is, there's no digital skills. Deep dives required into this particular session on the last one is those simple concepts these concepts that could be got everybody. So whatever stage Europe, whether you're a beginner or you advanced, you can benefit from every single one of these things. I'm about to tell you. So I sit down, grab a coffee, let's get started 2. 5 ways - a framework to your sales: the first thing I want to talk to you about five ways. Five ways that simple. But it's a much critical concept that you need to get out of all these lessons because it basically gives you a good understanding of the fundamentals that you need to apply to this business to make it work for you. So the 1st 1 leads the 2nd 1 conversion, right? The 3rd 1 average number of transactions 4th 1 average order values on the 5th 1 marches. So let's run through those five things and explain will be more about it. So the 1st 1 is leads often referred to as traffic people visiting your site. How maney you get in? Is it going up? Is it going down? Whether it's stressed, you're gonna find that you're gonna be pressured and they're going down. But if it's going well, you're gonna find the again lots of traffic, loss of interest in your products on your happy. The 2nd 1 is conversion, right? Conversion rates. The number of people have got to your site and then those people have gone through and actually checked out and bought something. The next one average number of transactions. Transactions quite simply, is the number of times that people have come back on board again. And it is one of those products that you sell once. Then maybe it's something where you gotta fold and then told friends and introduce more business. The 4th 1 average order values If they're buying at £50 how do we get to £60? What strategies can be used for that in the last one margins? If you're working on the GP margin of 30% for example, how did you get it to 35? So if we look at those areas very, very simply, those five things allow you more diversity in terms of how you can actually make your business cry. If you think about it like a portfolio fund management, you know, even usually have one product that you invest in. Usually you'll have a fund, and you'll have multiple strategies that you're looking up because one big goal might fail for you. You need to spread it out. So if you very simply, if you take each one of these ideas and you were able to grow your leads by 10% you were able to outgrow your conversion rate by 10%. Average number of transactions and average order values by 10% over the course off that year. That would grow your business. So sales turnover by 46%. If you could do the margin pieces world by 10%. Think you could get 61% improvement in your net profits. Everybody wants that. That's the fundamental of the five ways. Okay, so the five ways do you understand it? Is it something that you're gonna use on? How you gonna apply this in your business? Let's go and use it. 3. Business planning: fundementals: okay, a plan Everybody talks about plan. Everybody knows that. It's important how many people really actually deliver that plant. It's critical to the success of the project, but it's something you gotta work on. So how do we break that down with three things that you need to focus on? The 1st 1 is the vision. The next one is the mission on the next one is the purpose. Now let's business talking. A lot of people use that language and straightaway puts people off way. Talk about it slightly different. What we talk about is the what we talk about, how we talk about the why Now, If we look at the 1st 1 which is the purpose, then really it's talking about the white. What do you do? What you do, what makes you get up in the morning? And what makes you actually say this is something that you want to spend your time doing? If you don't know that if you can articulate that to yourself or friends, then you have no purpose. And I think you're in, you know, a difficult place, and you need to really get sucked focused on that. The next one is to actually set out the how how you actually going to deliver this. And this is your mission. What steps are you going to go through To deliver this? As a project, you need start to itemize this in terms of a journey of you moving toward your goal over time. And the last one is the what? What are you going to do exactly? When she got the over action journey, you need to start mapping out of step. So you gotta take the day to day basis to achieve that. That's what you need to do with your plan and tell me how you actually going to deliver on that one of the points that you're gonna put down. So you've got a really clear plan that you can articulates with us. 4. Scheduling and prioziting your activities: so scheduling a really important part of what we need to do on a daily basis, critical to the success. So first thing is, marketing comes last. Welcome back to that. The next thing is that puts it in default on ad hoc on. The third thing is being up to stick to it. So first of all, marketing come last. What do I mean by that? Well, quite simply, is put the tasks in that you have to do which a critical fuse been out to do your job first , Don't put marketed in first because if you're working around, that's just gonna become a real frustration. The next thing is that mainstream default on ad hoc so much you a day can often be just add hot, being pulled from pillar to post for various of the people asking you to do things on short notice. Put into default diary. Put in the things that you want to get focused on and stick to it. It's really critical. Believe time for ad hoc. Make people aware of the time that's available for you. It's work at Hawk so that they come and see you when it works for you. It's really, really important. Making sure that you stick to it is a commitment from you. There's not much else I can say about that. And you're gonna get it right first time. But keep focusing on it. Make it work, and you get there. So I'm gonna ask you, Do you default your marked in Andi? Do you stick to it? 5. Job descriptions & Delegation: Okay. Job descriptions. Why is it so important? Then why is it part of our seven Successfactors? Well, quite simply, job descriptions of critical. For us to be able to delegate on delegation is the number one thing that we're gonna need to be able to learn how to do if we're gonna be able to scale our business effectively. So the first thing is to document your day. The second thing that you need to be able to do is understand reasonable expectancy. And the third thing is asking who and when is the right time for you to be able to delegate that to somebody else. So if we look at the first thing documents in your time, take a view on, just take a pen and a bit of paper and just make a note of every single thing that you do on a daily basis. Now, when she got that documents into a spread shape and keep track of it, then when she had done that, then you need to start to apply a reasonable expectancy on that time. If you've done that job before, then you're gonna know what's realistic and how long that job should take, so apply a time against it. The third thing is delegation, when you have a job description on once you actually have the amount time that it takes to do that job, you can effectively delegate that task to somebody else, and you know how long it should take. Now, as over time, you're starting to build up this job description that you have. You can start to see which of these items you can start to delegate on which of these things you need to keep working on. And when you delegate, it starts. Create job description, even if that person doesn't exist in the business. Yet you're starting to draft that up on that is the start off delegating effectively and using job descriptions to grow your business? So my question to you. Have you organized your job description? Have you organized your team's job descriptions even if they don't exist in the business yet? Have you organized your stakeholder job descriptions so that all the people that you were with clear on exactly what they need to be doing 6. Effective use of human resources: we're gonna look at here the three different things off leadership. What that is, management, what that is on differentiating between the two and went to apply it. So the first thing is leadership. This is all about getting others to follow you and for you to be able to give people a clear vision and purpose in terms of what you are actually trying to achieve with a project . This could be from a business owners point of view, down to managers and the team. We could just simply be from managers to the tensions working on the project on that day, every day you need to clearly outline what why it's so important, this piece of work in terms of what they're working on and making it really clear about why they should do the work and why it's important overall to the business management is about making sure that the consistent application is recurring on quality. Is there making sure that you're going through the motions and making sure there's a quality output every time that you work on this, so two very, very different things and those two things can get mixed up very, very easily so a knowing when to apply these things is really, really important. Take a moment to just stop and pause and think about your day and think about how you can apply those two strategies and very deliberately go out of your way to speak to your team on maybe be more specific. If you think that that's a management technique that's required. Well, maybe take them back and actually just put them on the back and say, you doing a great job and you're gonna make a difference to the overall business on where we're going because of the work they're doing. So my question to you here is, how do you inspire others to see the big picture? How do you motivate them on a day to day basis with clear instructions? 7. Assertion: behaving correctly at work: okay. Want to assertion on? So what? It was assertion. Meaning? I don't know. You may be familiar. I'm sure you've heard the word before, but applying it in business? Maybe not. So let's look assertion. So assertion eyes one of the factors we're gonna talk about the other factories. Non assertion on the final factor is aggression. So with assertion is about your entitlement to be able to express yourself really about around the people that you work with. Assertion conveyed a delivered in many, many different ways, and there's lots of books and articles that have been written on it. But really, it's just about you feeling good about yourself of feeling good around the people that you work with. Non assertion is often a big problem in business, where if you're speaking up to a manager or owner, you don't feel the right or the position to be able to speak to them openly. About the problems that you're having, or the challenges that you are working on and being able to speak openly about that and aggression is where people become overbearing on forthright in their opinions on. That might not be the traditional understanding of aggression, but it's aggressive behavior to get the points across. It's a style. So what you want to be on this is really you want to be assertive, which allows you to be able to express yourself even in the event of somebody being aggressive with you on assertion is expressing yourself if somebody is non assertive with you. So if somebody is not reacting to the things that you are asking to be done, then you could be assertive back. If somebody is being aggressive to you, then you can able to face that up on express back to them in a non threatening way. The rights that you have to feel good about the work that you do so assertion is critical. When you're working with businesses on when you're working with stakeholders or suppliers, that basic skill is critical for you to be able to succeed someone. Noski, Are you aggressive? Are you not assertive? Four. Can you just make your points clearly, concisely confidently 8. Importance of reports in a business: Okay, so we've got towards the end on the hope you've enjoyed some what we've done so far. I'm going to finish up on what I think is probably the number one thing that you need to learn to be successful on that is reporting. Now within reporting is three key things you need to be looking at. The first is testing. The second is measuring on. The 3rd 1 is analyzing. Now, if we look at the 1st 1 in testing, we get it with the digital marketing were able to test many, many different things on many, many different levels. But I think if we are truthful as digital people working in digital businesses, even though those technical digital skill sets were available, we often don't apply those basic testing elements to our business. We should be testing everything that we do so that we can actually recognize what is working and what isn't when it comes to actually applying those tests. Then we need to make sure that we're measuring If we don't measure those tests that really would not, using fax to move our business forward, which issues in our opinions on our personal opinions could be biased, depending on how we are on the different personalities that we have and the things that we believe our customers want. However, if we measure it, it actually means that the customers are telling us what they want, which is the most successful way to grow your business quickly and the last parts analyze, take time to step back and analyze the information, but lots of different levels and really understand what it is that the measurement is telling you. And then take that and then use that in your strategy to move the business forward to the next level. So my question here is Are you tested in measuring? Are you sharing the results with your team? And are you basing all of your decisions on fax and no opinions? 9. So now is your turn! + bloopers: Okay. So I hope you've enjoyed the short lesson today, Andi. These with seven things that have come up with all of our team when they're looking at successful outcomes. Interestingly, that there's no digital skills in there on. It just goes to show that the true success is only one of three factors that is going to get you there. Motivation, Time management on digital skill sets are the three combined balanced assets that you need to work on to get true success. Hope you have a great time working on your business, Andi. Hopefully you can use some of these ideas. Just is a little bit of a reminder to focus on these key areas in your business. Just that little bit more smart. So I'm not smart, huh? So using the five ways you gonna use it, Yes.